South African Rand Declines as Central Bank Holds Interest Rates
The South African rand has become the worst-performing major currency after the central bank decided to keep its benchmark policy rate at 7%, contrary to expectations of a rate hike. The decision was influenced by the need to support a sluggish economy while addressing inflation concerns. The central bank aims to achieve a 3% inflation target over time, despite current inflationary pressures. The rand's decline was a reaction to the unexpected decision, with the currency falling by 2.5% against the U.S. dollar. 
