Rand at 8.25 against the US dollar

Comment on this story
IOL world currency1 Graphic: Renjith Krishnan.

The rand gave up earlier gains against the US dollar to trade near the top end of its range‚ as markets braced for the US Fed policy statement.

At 15:30 local time the rand was bid at R8.2515 to the dollar from Tuesday’s close of 8.2599. It was bid at R10.1622 to the euro from its previous close of R10.1569 and at R12.8869 against sterling from R12.9397 before.

The euro was bid at US$1.2313 from Tuesday’s close of $1.2297.

Standard Bank analysts said they were not looking for a material change from the Fed on policy‚ but expected enough encouragement in rhetoric regarding the possibility of easing ahead‚ and a pushing back of rate-hike expectations.

The US Fed is facing a battery of disappointing economic data and mounting expectations for the central bank to step in and shore up a faltering recovery‚ according to Dow Jones Newswires.

Fed officials have already downgraded their economic forecasts this year and signalled concerns over spillover effects from the European debt crisis and a potential slowdown in global growth. - I-Net Bridge

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines