💱US Dollar/South African Rand FX Spot Rate
USDZAR
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SARB unexpectedly held rates at 7%, surprising markets and weakening the rand against the USD
Impact on assets 1
Others
The South African Reserve Bank kept its policy rate unchanged at 7%, a decision that Commerzbank’s Volkmar Baur described as a negative surprise. The hold came despite June inflation rising and Brent crude moving above USD 100 per barrel, which had led some to expect a hike. The surprise decision weighed on the rand against the US dollar.
SARB unexpectedly held rates at 7%, surprising markets and weakening the rand against the USD