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Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,777
1024hr
Pakistan Cases
1,287,161
33624hr
0.78% positivity
Sindh
476,830
Punjab
443,519
Balochistan
33,507
Islamabad
107,930
KPK
180,383

JOHANNESBURG: South Africa's rand was flat on Thursday, as the dollar traded near a 16-month high after investors bet that the US Federal Reserve will tighten monetary policy faster than its peers.

At 0630 GMT, the rand traded at 15.8900 against the dollar, not far from its previous close of 15.8925.

Fed minutes showed on Wednesday that various policymakers at the US central bank would be open to speeding up the taper of their bond-buying programme and raising interest rates more quickly if high inflation held.

Dollar moves have been one of the main drivers for the rand in recent days, along with emerging market contagion linked to a meltdown in the Turkish lira.

Around 0930 GMT on Thursday, local investors will study domestic producer inflation data for more information about price pressures in Africa's most industrialised economy.

Last week, the South African Reserve Bank raised rates for the first time in three years in response to broadening inflationary risks, but that has done little to buttress the rand, which is down roughly 4% against the dollar this month.

The government's benchmark 2030 bond was flat early on Thursday, with the yield at 9.755%.

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