Ramaphosa Rand Rally Cuts Bets for Higher South Africa Rate: Chart

Cyril Ramaphosa made many pledges in the run-up to his election as president of South Africa’s ruling African National Congress. One thing he didn’t promise, but may deliver, is a hold in the benchmark interest rate. The rand strengthened as much as 4 percent against the dollar on Monday, curbing inflation expectations, and forward-rate agreements beginning in 12 months moved from pricing in an increase of more than 50 basis points in the next year to indicating no policy tightening.

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