Rand drops ahead of MPC verdict
The rand dropped against major currencies in noon trade on Thursday ahead of the interest rate decision by the Monetary Policy Committee later today. The drop was attributed to the vagueness surrounding the rate decision.
The Bank of England as well as the European Central Bank will also announce their interest rates decisions later today.
At 12.21pm the local unit tumbled 1.27 percent against the greenback and was bid at 7.9065 from its previous close of 7.8070.
The rand slumped 1.17 percent against the euro and was bid at 12.5625 from its previous close of of 12.4171.
Against sterling the rand pulled back 1.18 percent and was bid at 15.6715 from its previous close of 15.4890.
Gold collected 0.46 percent and was quoted $938.05 a troy ounce.
