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Rand little changed in a quiet session

Currencies
Johannesburg - The rand was little changed on Wednesday in the absence of markets-moving events.

At 5pm, the rand was bid at R13.2853 to the dollar, less than a cent weaker than at the same time on Tuesday.

“There’s not a lot going on in the market at the moment. There are no headlines for the rand to take any certain direction,” said TreasuryOne currency dealer, Andre Botha.

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Illustration photo of South African rand

The dollar crept higher earlier yesterday, a day after dropping to a three-week low against a basket of major currencies amid a repricing of expectations of the US Federal Reserve rate increases and concerns about President Donald Trump’s ability to deliver a promised fiscal boost.

In fixed income, the yield for the benchmark government bond due in 2026 declined yesterday.

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