Rand At 4-day Low Against Dollar As S. African Central Bank Retains Base Rate At 7%
November 17 2009 - 10:11AM
RTTF2
The South African rand remained weaker against the US dollar on
Tuesday morning in New York after the South African central bank
announced its decision to retain its key policy rate for the third
consecutive session.
The South African Reserve Bank kept its repurchase rate at 7%
per annum, the new central bank governor Gill Marcus announced. The
decision was in line with economists' expectations. The central
bank had lowered the key policy rate by 50 basis points from 7.5%
in August under its previous chief Tito Mboweni.
The rand that reached a 4-day low of 7.4825 against the US
dollar around 7:30 am ET continued its losing streak in the
succeeding trading hours. As of 10:00 am, the dollar-rand pair is
quoted at 7.4577 and this may be compared to yesterday's close of
7.3505. A further downtrend may pull down the rand to its lowest
level in more than 8 days.
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