Rand back among top emerging market currencies after outsize rate hike | Fin24

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It took a rate hike of a magnitude not seen in more than six years to put South Africa’s currency back among the emerging-market currency winners. | Fin24

The rand ended its worst streak of weekly losses since April 2020, elevating the currency to a list of just seven in developing-nations to post gains versus the dollar this year. By early afternoon on Friday, the rand was 2% stronger at R15.83/$.

China’s latest measure to bolster its economy also may support rand gains, as the country is the biggest buyer of South African raw materials. The five-year loan prime rate, a reference for home mortgages, was lowered to 4.45% from 4.6%, according to a statement by the People’s Bank of China Friday. That was the largest reduction since a revamp of the rate in 2019. A majority of economists surveyed by Bloomberg had predicted a cut by five to 10 basis points.

 

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Fin24 It strengthened 10 cents against the dollar. How does this put the rand among the winners

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