The rand firmed against a softer dollar in the beginning Thursday as expectations that this central bank would leave its main lending rate unchanged for a third meeting repeatedly boosted investor appetite for that local currency.
The rand was up 0.82% at 14.52 per dollar at 0650 GMT, having closed in The big apple at 14.64.
Markets were awaiting a person’s eye rate decision of your South African Reserve Bank (Sarb), due at 1300 GMT.
All bar on the list of economists polled by Reuters a while back observe the Sarb leaving benchmark rates at 6.5%, with the really need to keep inflation in check outweighing weak economic growth additionally, the rand’s recent plunge.
Lower inflation and relatively high lending rates, which have sustained demand by yield-hungry investors in spite of the poor growth outlook, will probably be helped aided by way of a rate hold.
In fixed income, the yield over the benchmark government bond due in 2026 was down 3.5 basis points to 9.065%.
Stocks are due open higher at 0700 GMT, using the JSE securities exchange’s Top 40 Futures Index up 0.34%.?
