Rand weakens as US Fed keeps interest rates unchanged

The rand was weaker on Thursday, in line with its emerging-market peers with the dollar firming after the US Federal Reserve kept its policy unchanged.

The local currency weakened for a third successive day with the dollar finding its ground after the Fed chair Jerome Powell promised the US central bank would “do what it can, and for as long as it takes” to ensure the US economy survives the effect of the Covid-19 pandemic.