The South African rand declined today on the speculation the central bank will decrease interest rates to support the nation’s economy that feel the negative impact of the global economic slowdown.
South African Reserve Bank Governor Gill Marcus said the central bank will âactively monitorâ global developments and is ready to take steps to ensure stability and liquidity in financial markets. Forecasters predict that the inflation report on August 24 will show annual growth of the consumer prices in South Africa was 5.2 percent in July, accelerating from 5 percent in the month before. The central bank’s target range is 3 to 6 percent.
USD/ZAR advanced from 7.1600 to 1.1790 today as of 10:44 GMT.
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