In anticipation of the central bank’s decision on interest rates later in the day, the rand of South Africa strengthened in early trade on Thursday.
Furthermore, Investors anticipate a 25-basis-point hike when the “SARB” announces its most recent monetary policy change during a press conference beginning at 13:00 GMT.
In a research note, Commerzbank FX analyst Elisabeth Andreae stated that “market focus is expected to rest on the statement and the predictions with the new rate outlook,” adding that the increase has already been substantially factored into markets’ prices.
Statistics According to figures released this week, South Africa’s inflation rate for February increased from 6.9% in January to 7.0% year over year, remaining over the bank’s goal range of 3% to 6%.
Early deals saw better performance for the government’s benchmark 2030 bond, with a 3 basis point decrease in yield to 9.785 percent.