The rand was unchanged against the dollar late on Friday after the dollar rallied in the wake of US Fed chairwoman Janet Yellen indicating that an interest rate hike remains a possibility and better than expected US growth figures.
At 3.34pm‚ the rand was at R13.8487 to the dollar‚ unchanged from Thursday’s close.
Against the euro the rand was at R15.4766 from R15.5535 previously and was at R21.0430 against the pound from a previous close of R21.1020.
The euro was at $1.1176 from $1.1231.
The dollar got an extra boost from a stronger-than-expected third reading on the US second quarter gross domestic product (GDP) after already gaining following Yellen’s late-Thursday speech‚ Dow Jones Newswires reported.
The US’s second quarter GDP was revised higher at 3.9% against 3.7% forecast.
Global growth uncertainties kept the Fed from raising rates last week. In a speech on Thursday at the University of Massachusetts in Amherst‚ Yellen laid out a detailed case for raising interest rates later this year‚ the newswire said.
Yellen’s speech boosted the dollar as higher interest rates make a currency more attractive to investors.
The rand hit a record weakest level of R14.0818 to the dollar on Thursday‚ while SA was celebrating Heritage Day‚ after Yellen’s speech.
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