The South African Reserve Bank hikes the repo rate.

VAAL TRIANGLE - The rand fell to a new record low against the American dollar after yesterday’s announcement of another hike in the repo rate. The South African Reserve Bank has hiked the repo rate by 50 basis points to 8.25%. In March, the repo rate stood at 7.75%. The bank’s governor, Lesetja Kganyago saying this may be the end of the hiking cycle. The rand weakened to R19,78 against the dollar, compared to R15,30 less than a year ago.