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South African rand softens as markets absorb central bank rate hike
JOHANNESBURG: The South African rand softened in early trade on Friday as markets digested the central bank’s interest rate hike, while growing expectations that the Federal Reserve will keep interest rates elevated weighed on the risk-sensitive currency. At 0610 GMT, the rand traded at 16.40 against the dollar , about 0.3% down from its previous close. The South African Reserve Bank raised its key interest rate by 25 basis points to 7.25%, saying the Iran war had triggered “large and sustained” price shocks and that tighter policy was needed to prevent higher inflation from becoming en...
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