2023-05-29 06:00:23
South African Rand Plunges to New Low After Benchmark Interest Rate Is Raised to 14-Year High
The South African fiat currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of 19.7640 per dollar on May 25 just moments after the South African Reserve Bank raised the benchmark interest rate to its highest since 2009. Although the currency has since made some recovery, prediction models show that the
