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The rand is slightly firmer against the greenback, boosted by expectations that the South African Reserve Bank will hike the repo rate to 4% at its first Monetary Policy Committee decision of the year.
South Africa’s annual consumer inflation quickened faster than expected to a near five-year high of5.9%.
Concerns over the country’s economic outlook continue due to its fiscal, political and structural shortcomings, as well as uncertainty around the COVID-19 pandemic.
The rand was under pressure as the dollar strengthened after Federal Reserve Chairperson Jerome Powell signalled plans to gradually tighten monetary policy.
Video: Experts predict the repo rate will increase by 25 basis points
