MARKET WRAP: Rand rallies below R18/$ after interest rate hike

The rand broke below R18 to the dollar on Thursday, firming to a seven-week best after the SA Reserve Bank’s monetary policy committee raised borrowing costs by more than expected.

The Bank raised the interest rate by 50 basis points — higher than the market expectation for 25bps, bringing the central bank’s benchmark repo rate to 7.75%, the highest since 2009...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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