South African Rand Hits 1-month High Versus Greenback Amid South Africa Retains Key Policy Rate
23 July 2010 - 2:39AM
RTTF2
Extending previous session uptrend, the South African rand
advanced further against the US dollar in New York morning trading
on Thursday. At about 10:20 am ET, the rand climbed to 1.2960
versus the greenback, which may be compared to yesterday's closing
value of 1.5425. This set a 1-month high for the South African
currency. AS of now, the pair is worth 7.4374. The next upside
target level for the South African unit is seen at 7.4241.
South Africa's central bank maintained the benchmark repo rate
at 6.5% per annum for the second straight rate-setting session,
citing favorable inflation outlook and continued recovery of the
domestic economy.
The decision was in line with the economists' expectations.
South African Reserve Bank Governor Gill Marcus observed that the
risks to the inflation outlook are evenly balanced and views the
current monetary policy stance as appropriate.
However, she warned that although the concerns regarding the
sovereign debt crisis in Europe have found some respite,
significant risks persisted. Furthermore, in some countries, growth
is losing the momentum witnessed in the first quarter.
The central bank also pointed to signs of recovery in domestic
household consumption expenditure. In the first quarter,
consumption expenditure grew at a higher than expected annualized
rate of 5.7%.
US Dollar vs ZAR (FX:USDZAR)
Forex Chart
From Jun 2024 to Jul 2024
US Dollar vs ZAR (FX:USDZAR)
Forex Chart
From Jul 2023 to Jul 2024