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The South African rand extended losses on Thursday after the Reserve Bank cut its repo rate by 25 basis points and said the currency was overvalued. The rand fell 0.7% to 11.84 per dollar and was on course for weekly losses above 1.1%.
Lower SA rates and a weaker rand reduce the appeal of carry trades, and a weaker rand raises the local cost of imported feed inputs such as soybean meal and corn for South African buyers.
moneyweb.co.zaAlexander Winning, ReutersMar 29, 2018Not 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.
