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Rand reverses losses after rates kept steady

Analysts say the gains could be short-lived.

Picture: Supplied

JOHANNESBURG - The rand reversed mild losses against the dollar on Thursday after the central bank kept its benchmark repo rate at 6.75%, defying expectations of a 25-basis point cut.

In fixed income, the yield on the benchmark government bond due in 2026 ended the session seven basis points higher at 8.475% after the central bank took a slightly more hawkish tone on inflation than it has in the recent past.

At 1530 GMT, the rand was almost 0.40% firmer against the dollar at R13.2750.

Analysts say the gains could be short-lived.

“We expect to continue seeing pressure on the rand as well as other emerging market currencies as the US Federal Reserve Bank put potential rate hikes back on the table this morning which could reduce the carry trade,” said Bianca Botes of Peregrine Treasury Solutions.

Stocks were flat, with the benchmark Top-40 index falling just 0.05% to 49,548.85 while the wider All-share index was barely changed at 55,867.34.

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