South African Rand Advances Against U.S. Dollar After South Africa Decision

The South African Rand climbed against the U.S. dollar in early New York deals on Thursday, erasing early losses, after the the South African Reserve Bank kept its interest rate unchanged, citing heightened uncertainties in the economy.

The Monetary Policy Committee retained the repo rate at 6.75 percent.

The bank noted that the economic growth is expected to remain subdued against a backdrop of continued political and policy uncertainty.

The rand climbed to 13.25 against the greenback, off its early more than 5-week low of 13.40.If the rand extends rise, 12.00 is likely seen as its next resistance level.

The material has been provided by InstaForex Company – www.instaforex.com

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