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JSE slips with market seeking new direction

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The rand is trading at a seven-week high after the Reserve Bank’s MPC raised the interest rate by 50 basis points

The rand kept steady below the R18 against the dollar on Friday morning, while the JSE was weaker amid mixed global peers, with investors awaiting fresh news for direction.

The local currency held on to its seven-week best after the Reserve Bank’s monetary policy committee raised the interest rate by 50 basis points — higher than the market expectation of 25 bps, bringing the central bank’s benchmark repo rate to 7.75%, the highest since 2009...

 

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