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JOHANNESBURG (Reuters) – South Africa’s rand slipped towards a stronger greenback on Tuesday, as buyers flip their consideration to the Federal Reserve’s rate of interest resolution.
At 0820 GMT, the rand traded at 17.93 towards the dollar, about 0.4% weaker than its earlier shut.
The greenback index was final buying and selling up about 0.2% towards a basket of currencies.
The Fed will announce its rate of interest resolution on Wednesday, with markets anticipating a 25 foundation level lower, however the focus will even be on the central financial institution’s tone on charges for the yr forward.
“A conservative tone will possible assist the USD and strain EM (rising market) currencies, together with ZAR,” mentioned Andre Cilliers, Foreign money Strategist at TreasuryONE.
On the inventory market, the Prime-40 index was down about 0.9%.
South Africa’s benchmark 2030 authorities bond was barely weaker, with the yield up 1 foundation level at 8.93%.
