The rand took another tumble on Thursday after South Africa‘s central bank left interest rates on hold at 11 per cent. In spite of rampant inflationary pressures, the Reserve Bank of South Africa said it expected growth to slow this year.

Marc Chandler at Brown Brothers Harriman said the SARB faced downside risks to the economy from the global slowdown and local energy shortages. “Despite still-high interest rates, the rand is likely to remain under pressure,” he said.