South African rand little changed ahead of Fed rate decision

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12:44 CAT | 31 Jan 2024

File photo: Reuters

South Africa’s rand was little changed early on Wednesday, ahead of an interest rate decision by the Federal Reserve.

At 0732 GMT, the rand traded at 18.7800 against the dollar , near its previous close of 18.7850.

The dollar index was last up 0.2% against a basket of currencies.

The U.S. central bank is expected to hold rates steady while investors look for clues on when they can expect a rate cut.

South African investors will also turn their attention towards December trade balance data due at 1200 GMT.

On the stock market, both the Top-40 (.JTOPI)and the broader all-share (.JALSH) were down about 0.4% in early trade.

South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 2.5 basis points to 9.805%.

Source: Reuters

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