Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » South African rand holds gains after rate hike

    South African rand holds gains after rate hike

    April 2, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *A street money changer counts South African Rands in Harare, Zimbabwe, File. REUTERS/Philimon Bulawayo

    Johannesburg — South Africa’s rand held steady against the dollar early on Friday, trading at its strongest level in more than a month after the central bank delivered a higher than forecast rate hike the previous day.

    At 0647 GMT, the rand traded at 17.8200 against the dollar, not far from its previous close of 17.8125.

    The South African Reserve Bank (SARB) raised its main lending rate by 50 basis points to 7.75% on Thursday, twice the 25 basis point increase that most economists had predicted.

    The bank has now raised rates for the ninth time in a row, adding a total of 425 bps to the repo rate since it began tightening policy in November 2021.

    The decision helped the rand breach the 18 rand per dollar barrier for the first time in more than six weeks.

    “In relative terms, the ZAR still has a long way to go. However, with the SARB now hawkish, there may be enough to help the ZAR unwind more of its undervaluation,” said ETM Analytics in a research note.

    The government’s benchmark 2030 bond was stronger in early deals, with the yield down 2.5 basis points to 9.875%.

    *Nellie Peyton; Editing: Alexander Smith – Reuters

    Related News

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    Afreximbank reaffirms financial resilience and transparency

    Kwairanga reiterates NGX’s commitment to deepening Nigeria’s capital market

    E-book
    Resilience Exhibition

    Latest News

    UK reaffirms support for Nigeria’s energy transition efforts

    June 11, 2025

    Oando appoints Ayotola Jagun as Executive Director

    June 11, 2025

    AI to bolster oil recovery as Africa maximizes production at ageing fields

    June 11, 2025

    ADNOC Gas takes FID and awards $5b contracts for RGD project

    June 11, 2025

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    June 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.