Volatility in the domestic currency was evident in line with analysts’ expectations as it traded within a range of R13.21 to R13.40 before recovering some of its losses in afternoon trade.
Corporate treasury manager at Peregrine Treasury Solutions, Bianca Botes, said the local retail sales figures would largely be overshadowed by the US interest rate announcement.
“This would add pressure to emerging markets by increasing the cost of foreign government debt, as well as triggering a sell-off of emerging market (EM) assets as investors seek a safe-haven during these geopolitics-driven risk-off periods,” said Botes.
At 5pm the rand bid 3cents weaker than Tuesday’s same time bid at R13.24 a dollar. Against the pound, the rand was 5c softer at R17.69 and to the euro, the currency eased 1c to R15.58.