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Rand slightly weaker as dollar stabilises
The rand was slightly weaker on Friday morning as the dollar stabilised after taking a hit due to the US Federal Reserve’s policy statement.

The Fed kept rates on hold on Wednesday evening, sending the dollar weaker as some investors had hoped the central bank would take a more hawkish stance.

TreasuryOne currency dealer Andre Botha said weaker commodities had caused emerging-market currencies to soften. He said the rand could weaken further on Friday morning, but was entrenched in the R13.30-R13.60 range ‘and looking to stay there as we head into the weekend’.

Political risk remained a factor for the rand as there were ‘lingering fears that a Cabinet reshuffle is imminent’, he said.

In terms of data releases locally, Standard Bank will publish it purchasing managers index (PMI) later in the day. The market is eyeing US nonfarm payroll data, which could create some volatility in the market.

At 9.06am the rand was at R13.4177 from R13.3960 against the dollar; R14.4345 against the euro from R14.4116; and R16.7961 against the pound from R16.7842.

The euro was flat at $1.0757.

Full article: Business Day
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