The 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.
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