SA’s rand strengthened on Wednesday - R14.80 to the dollar, supported by improved risk sentiment in global markets following hawkish comments from the US Federal Reserve, while investors awaited domestic consumer price inflation data. Moneyweb Currency
South Africa’s rand strengthened on Wednesday, supported by improved risk sentiment in global markets following hawkish comments from the US Federal Reserve, while investors awaited domestic consumer price inflation data. At 0635 GMT, the rand was around 0.3% stronger R14.80 to the dollar, hovering close to five-month highs scaled in the previous session on expectations that the central bank will raise interest rates on Thursday.
The rand and other commodity driven currencies relished the opportunity to make further gains,” said Bianca Botes, director at Citadel Global. Lifting appetite across markets, Fed Chair Jerome Powell said the US central bank could move “more aggressively” to raise rates to fight inflation, possibly hiking by more than 25 basis points at one or more meetings this year.
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