Categories: EconomyNews

Rand strengthens prior Fed rate decision

Published by
Nonhlanhla P Dube

The rand was trading at R16.89 per dollar in early trade, 0.35 % stronger than its previous close.
The rand strengthened in early trade on Wednesday, ahead of the US Federal Reserve’s decision to raise interest rates later in the day.

The dollar index, which compares the US currency to six other major currencies, was marginally down at 107.04.

Traders are looking forward to the Fed’s policy statement at 1800 GMT, as well as the news conference after the announcement for any clues on whether policymakers’ determination to rise further is eroding as economic growth slows.

In early trading, the Top-40 index and the broader all-share index were both marginally down.

The yield on the government’s benchmark 2030 bond rose 7.5 basis points to 10.745 % in early deals.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: DOLLARrand
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