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Rank Holds Losses After SARB Hikes Repo Rate By 75bp

ZAR

The Rand held losses after the SARB delivered the expected 75bp hike to the repo rate in a 3-2 vote split, with the two dissenters calling for a 50bp move. The central bank said it was surprised by the acceleration in headline inflation to +7.6% Y/Y in October and wants to see a sustained declilne towards the +4.5% target range mid-point going forward.

  • USD/ZAR trades at ZAR17.0350, up ~670 pips on the day, now slightly off the session's best level of ZAR17.0604.
  • Government bond yields staged a brief foray lower during the SARB press conference but are now back to previous levels.
  • The benchmark stock index remains elevated despite losses for the local banking sector.
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