Rand hits new low as rates stay steady

2011-09-22 14:51

South Africa’s rand hit a new 26-month low against the dollar this afternoon, after the central bank left rates unchanged at 5.5%, citing depreciation of the currency as an inflation risk.

The rand fell as low as 8.3360 against the US currency after the decision and was at 8.2444/dollar by 15.45pm.

Bonds also rose, with the yield on the 2015 bond falling to 7.005% from 7.06%. The yield on debt instruments moves inversely to price.

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