October 23, 2024 17:08 GMT
SOUTH AFRICA: Rand Pares Losses on DBSA Headlines, USDZAR Remains 1.5% Higher
SOUTH AFRICA
- A South African state development bank said it signed a cooperation agreement rather than a credit line with Russia’s sanctioned bank after a report from Russia’s Tass state news agency sent the rand tumbling.
- “We have not signed a credit line,” Boitumelo Mosako, the chief executive officer of the DBSA, said by phone. “It’s merely a cooperation agreement” between members of the BRICS grouping, she said. (BBG)
- While USDZAR did dip on the news from 17.85 to 17.77 on the headlines, the pair is consolidating around 17.80 as we approach the APAC crossover, holding punchy 1.5% gains on the session.
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