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South Africa's rand strengthened against the dollar after the South African Reserve Bank raised its main repo rate by a higher-than-forecast 50 basis points to 7.75%. Most economists polled had expected a 25 basis point increase.
February inflation had risen to 7.0%, above the bank's target band.
A stronger rand lowers the local-currency cost of imported feed inputs such as soybean meal and corn for South African buyers, though the effect is modest and short-lived.
kitco.comMar 30, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
