Rand rallies after data shows slowing inflation, stocks up

  • 📰 ewnupdates
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

At 1525 GMT the rand was 0.91% firmer at 15.23 per dollar after opening at 15.3725.

JOHANNESBURG - The rand rallied more than 1% to its firmest in nearly a week on Wednesday on optimism the central bank has room to boost the flagging economy after consumer inflation fell more than expected, while stocks gained.

A sharp slump in the rand, about 10% since the beginning of August, and fears of a global growth recession had all but extinguished the chances of a cut. With companies struggling to eke out profits as strained consumers cut spending and face a weak growth outlook and continued political uncertainty, monetary stimulus by a typically cautious central bank may be the only short-term solution the country has.

On the bourse, stocks strengthened amid positive risk sentiment as investors awaited the outcome of a meeting on U.S. interest rate cuts.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in US

United States United States Latest News, United States United States Headlines