The South African rand made a marginal recovery early on Friday from a new record low struck overnight, after a central bank interest rate hike failed to impress some traders and economists.
At 0605 GMT, the rand traded at 19.7725 against the dollar , over 0.1% stronger than its previous closing level.
On Thursday the rand closed down more than 2.7% against the dollar, as some traders had bet on a larger 75 basis point rate hike thanon Thursday were comments in the monetary policy statement that the SARB expected further currency weakness ahead. The central bank has raised interest rates 10 consecutive times since November 2021. The latest hike takes its interest rate to a 14-year high, an effort to bring inflation back within its 3%-6% target band from 6.8% in April.
The rand struck a new all-time low of 19.8175 in the early hours of Friday morning. It is down about 1.6% against the dollar since the end of last week. South Africa's benchmark 2030 government bond was little changed in early deals, the yield down 0.5 basis points to 11.160%.
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