In early trade the rand was at R18.98 to the dollar.
The rand was steady in early trade on Monday, ahead of local and international interest rate announcements this week. At 0718 GMT, the rand traded at R18.98 against the dollar. The dollar last traded near its previous close of 105.260 against a basket of global currencies.
The South African Reserve Bank will announce its interest rate decision on Thursday and provide clues on the country’s future rate path. “The Sarb is expected to keep rates unchanged but remain hawkish on the back of concerns of an uptick in inflation on the back of the higher fuel price,” said Andre Cilliers, currency strategist at TreasuryONE.
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