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The rand reached a six-week high after the SARB's surprise 50 basis point rate hike, trading as much as R17.75 against the dollar. Analysts said the gain is short-term, with the longer-term trend still depreciation driven by global risk sentiment and export commodity prices.
Currency moves shift South African import costs for feed ingredients, and analysts expect the rand's weakness to persist, which keeps local feed prices elevated.
businesstech.co.zaMar 31, 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.
