South African Rand Strengthens as Central Bank Holds Interest Rate

Despite quickening inflation, the bank maintains its hawkish tone for the third consecutive meeting.

The South African rand was stronger in early trade on Friday, extending its Thursday gains after the central bank kept its main interest rate unchanged.
South Africa's central bank maintained its hawkish tone, keeping its main lending rate unchanged for the third meeting in a row despite inflation quickening in October.
Next week, investors will turn their attention to supply-side inflation when producer price index data is released.
South Africa's benchmark 2030 government bond was marginally stronger in early deals, with the yield down 0.5 basis point at 10.120%.
Headline consumer inflation rose to 5.9% year-on-year last month from 5.4% in September, nearing the top of the central bank's target range of 3% to 6%.