The South African rand moved lower versus the US dollar for a third day today on outlook that the nation’s central bank will keep the interest rates unchanged.
The Monetary Policy Committee of the South African Reserve Bank will meet tomorrow to discuss the interest rates. Analysts expect that the policy makers will hold the target rate unchanged at 5.5 percent. The expected dovish statement of the central bank can hurt appeal of the rand for investors interested in carry trade.
USD/ZAR traded today at 6.7450 as of 11:40 GMT after earlier it rose from 6.7160 to 6.7780.
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