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South African Rand Firm Despite Interest Rate Cut

July 21, 2017 at 15:30 by Vladimir Vyun

100-rand notesThe South African rand rallied today despite yesterday’s surprise interest rate cut from the nation’s central bank.

The South African Reserve Bank reduced its main interest rate by 25 basis points to 6.75% yesterday. It was the first cut in five years and a complete surprise to market participants. Yet the rand, which was one of the strongest emerging market currencies this year, was not disturbed by the surprise announcement.

USD/ZAR dropped 0.68% to 12.9451 as of 15:28 GMT today.

If you have any questions, comments or opinions regarding the South African Rand, feel free to post them using the commentary form below.

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