JOHANNESBURG: South Africa’s rand was listless against a steady dollar on Friday, as investors assessed the prospects that the US Federal Reserve might pause its rate-hike trajectory.
At 0620 GMT, the rand traded at 18.0825 against the dollar, near its previous close of 18.0850.
The dollar index, which measures the safe-haven currency against six rivals, held ground at 102.53.
The US Fed on Wednesday delivered an expected interest rate hike of 25 basis points, but took a cautious stance on economic outlook due to the recent banking sector turmoil.
South African rand edges higher ahead of inflation data, Fed rate decision
Local investors will shift their focus towards the central bank’s rate decision due next week, with markets expecting a 25-basis-point hike.
The government’s benchmark 2030 bond was unchanged in early deals, with the yield at 9.950%.