South African Rand Climbs To 3-day High Versus U.S. Dollar After CB Rate Hike
March 17 2016 - 6:12AM
RTTF2
The South African Rand drifted higher against the U.S. dollar in
early New York deals on Thursday, as the South African central bank
hiked interest rate by a quarter-point, citing concerns over
inflation breaching the bank target.
The central bank lifted up the key rate by 25 basis points to 7
percent, from 6.75 percent.
"Given upside risks to inflation forecast and the protracted
period of the expected breach, MPC decided that further tightening
was required," the governor of the Reserve Bank of South Africa
Lesetja Kganyago said.
The rand that closed yesterday's trading at 15.6350 against the
greenback climbed to a 3-day high of 15.2750. The rand may find
resistance around the 14.00 zone.
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