# South African rand posts strong gains in wake of hawkish SARB

> The rand rallied about 1% on Friday after the South African Reserve Bank held rates but adopted a hawkish tone, pushing back expectations of rate cuts. Analysts saw limited further gains before the November mid-term budget due to public finance concerns.

- Date: 2023-09-22 · published 2023-09-22T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/34403-south-african-rand-posts-strong-gains-in-wake-of-hawkish-sarb
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Higher-for-longer local rates strengthen the rand, which slightly lowers import costs for South African feed buyers but does not move global grain or meal prices.

## Read by commodity

- USDZAR: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/south-african-rand-gains-analysts-say-much-more-appreciation-unlikely-2023-09-22/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.