# Rand weakens as Reserve Bank says currency is overvalued – BusinessTech

> The rand weakened on Thursday after the SARB cut the repo rate from 6.75% to 6.5% and said the currency was overvalued. The bank estimated the rand was somewhat overvalued and that further strengthening was probably limited.

- Date: 2018-03-29 · published 2018-03-29T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/66284-rand-weakens-as-reserve-bank-says-currency-is-overvalued-businesstech
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

The SARB view that the rand has limited upside points to a softer currency, which would raise the rand cost of imported feed ingredients for South African livestock producers.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- businesstech.co.za: https://businesstech.co.za/news/finance/234811/rand-weakens-as-reserve-bank-says-currency-is-overvalued/

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