Marcus announces rate hike, rand weakens
·29 Jan 2014
The repo rate will rise to 5.5%, SA Reserve Bank governor Gill Marcus announced in Pretoria on Wednesday.
The repo rate increased by 50 basis points, from its previous level of 5%.
The rand reacted to the news by weakening further against the greenback, trading at an intrady worst level of R11.37.
Since the start of 2014, the rand has lost more than 5.5% in value against the dollar.
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