The rand held its ground against the dollar in afternoon trade on Tuesday (3 May), having given up 3.6% over last week, trading at R15.99 relative to the greenback – near its weakest levels in nearly five months.
strengthened to a five-month high of R14.47/USD at the end of March. In the run-up toQ1 22, trade and equity inflows dominated.however, the rand has weakened sharply on the back of more hawkish US policy rateKwaZulu-Natal and a sizeable foreign disinvestment from South Africa’s banking sector,” the lender said.to R15.25/USD by mid-year , but then to weaken gradually to R15.
On Wednesday, the Federal Reserve, the central banking system of the United States, is expected to announce its largest interest rate hike since 2000, while various other central banks are also due to release their interest rate decisions later in the week, said Bianca Botes, director at Citadel Global.
“Monetary tightening decisions are currently a balancing act between combatting historically high inflation and not triggering an economic recession,” she said.
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