Rand near year highs ahead of rate news

South Africa's rand hovered near 13-month highs against the dollar as investors waited for the outcome of the central bank's quarterly monetary policy meeting.

The South Africa Reserve Bank has raised its benchmark repo rate by four percentage points this year to 13.5 per cent after the rand's depreciation last year pushed inflation sharply higher.

Recent signs price pressures may have peaked led analysts to forecast the SARB would keep interest rates steady on Thursday and could even hint it w