Global financial markets have been roiled this month on worries that rapid rate hikes by major central banks could cause a recession. However, sliding commodity prices eased some worries about inflation on Friday, sending world stocks higher. read moreThe dollar index , which measures the US currency against six rivals, dropped 0.18% to 104.21, and was on track for its first weekly decline this month, as traders dialled down bets on where interest rates may peak.
Analysts however, have warned of a more hawkish South African Reserve Bank in the near-term, expecting it to raise rates to inflation. “Although the ZAR has held up well to date, the SARB is likely to deem more-decisive policy action necessary to raise policy rates back up to pre-COVID levels as soon as possible in light of an increasingly complex and uncertain environment for risky assets,” Jeff Schultz, senior economist at BNP Paribas South Africa, said in a note.
Stocks on the Johannesburg Stock Exchange rose, mirroring gains in global equity markets, with the All-Share index rising 1.61% to 66,349 points, and the Top-40 index closing 1.65% higher at 59,993 points.Share article
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