South Africa’s Rand in higher value after interest rate cut
South Africa’s currency market stayed stronger at the weekend as the Rand firmed upward after a sudden cut of interest rate by the Reserved Bank.
The interest rate cut saw the Rand strengthened by 0.23%.
In absolute terms, thirteen Rands exchanged for one American dollar.
Analysts at Nedbank South Africa said the Rand remained steady after the rate cut.
At the Johannesburg Stock Exchange, the bench mark Top 40 index hinged upward by 0.2% in late trade on Friday.
Government bonds also recorded higher prices.