The rand eased in early trade on Friday, losing gains from the previous day made on the biggest rate hike in nearly two decades delivered by the central bank in order to tame soaring inflation. The rand rose against the dollar on Thursday after the central bank hiked its main lending rate by 75 basis points to 5.50%. However, Commerzbank analysts said in a research note that the gains were limited.
“In view of domestic risks, the rand is likely to have difficulties to stand its ground in a challenging environment and come under depreciation pressure in case of risk-off,” the analysts added. On the stock market, the Top-40 and the broader all-share indexes rose more than 0.5% in early trade. The government’s benchmark 2030 bond was stronger in early deals, with the yield down 13.5 basis points to 10.615%.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MARKET WRAP: JSE and rand firm as investors digest rate hikes at home and abroadReserve Bank’s more hawkish stance supported the local currency in late trade, says strategist I was scammed through Bitcoin couple of months ago, I started hating Bitcoin until I was introduced to Allison_Grillo, and I gave Bitcoin trading another try, I successfully withdrew $35,000 after two weeks of trading, am so grateful Allison_Grillo thank you.
Source: BDliveSA - 🏆 12. / 63 Read more »