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South African Interest Rate Cut Strengthens Rand!

2:59 PM 23 July 2020
As expected, SARB, the central bank of South Africa, decided to cut interest rates. The main rate is now 3.5%, up from 3.75% previously. The reduction in interest rates may theoretically benefit the economy, which is positively received by investors. So Rand is making up for today's losses. Anyway, USDZAR is still in a clear downtrend.
ZAR strengthens after the decision to cut interest rates. Source: xStation5
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