Rand inches higher after hitting four-month low on Fed rate hike signals
US Federal Reserve chair Jerome Powell’s hawkish comments suggest a bigger rate hike than expected, causing waves in currency markets
08 March 2023 – 10:41
The rand was little changed on Wednesday morning, pulling back slightly from the previous session’s losses that sent the local currency to its worst level in four months.
The rand fell more than 2%, closing at R18.62/$ in the previous session after news that SA’s economy performed far worse than expected in the fourth quarter — mainly as a result of persistent load-shedding, while hawkish comments from US Federal Reserve chair Jerome Powell further weighed on sentiment…