MARKET WRAP: Rand above R16/$, its worst level since mid-December, while JSE leaps to new record

The rand hit its worst level against the dollar since December 15 as the greenback firmed as markets grow nervous about when the US Federal Reserve will begin to raise interest rates.

“The dollar was firmer against its major peers as US Treasury yields rose sharply on the possibility of the Fed hiking rates earlier than expected,” said TreasuryONE currency strategist Andre Cilliers. “Emerging market currencies, which firmed yesterday, all closed off their intraday best levels.” ..