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Rand outperforms global currencies ahead of rates move

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Cape Town – The rand continued its rally on Monday, outperforming other currencies a few days before the South African Reserve Bank (Sarb) announces its latest interest rate decision, with analysts expecting the repo rate to remain at 7%.

Trading 0.8% stronger against the dollar at R14.09 in morning trade, the rand was one of only three liquid currencies to gain against the dollar last week and has firmed around 4% versus its peer risk currencies, according to RMB analyst John Cairns.

“The rand continues to outperform massively,” he said in a note on Monday. “Effectively, this represents the local risk premium being unwound: more than half of the blowout since the latest Hawks-Gordhan story has been reversed.

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