At 1515 GMT, the rand traded at 19.2575 against the dollar , about 1% stronger than its Friday closing level.Analysts polled by Reutersa 25-basis-point rate hike by the South African Reserve Bank on Thursday, in what could be its final hike of 2023, but markets have swung to pricing in a bigger rise.
"Market pricing shows that they will do at least 50 bp, and maybe even 75 bp. The more they hike the better for the rand." Ratings agency S&P Global held off from changing South Africa's sovereign credit rating or outlook, in a reprieve for South African markets after a turbulent two weeks during which local assets were shaken by a U.S. allegation that a Russian ship hadThe rand hit an all-time low against the dollar on Friday, at 19.5225 against the greenback.
Source: Loan Digest (loandigest.net)
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