Rand vulnerable to more weakness as focus turns to US Fed meeting

The rand was weaker at the start of a new week that will likely be dominated by the outcome of the US Federal Reserve meeting on Wednesday.

Standard Bank trader Warrick Butler said while he didn’t expect the US central bank to hike interest rates this week‚ he would be looking for more clarity on the timing of the lift-off.

The rand slid to fresh multi-year lows against the dollar on Friday amid a broad weakness in commodity currencies such as the Australian dollar following weaker manufacturing data from China -a top commodity producer.

At 8.58am‚ the rand was at R12.64 to the dollar from a previous close of R12.6207.

The rand was at R13.9426 against the euro from a previous close of R13.8584 and at R19.6307 to the British pound from R19.5798 previously.

The euro was at $1.1028 from its previous close of $1.0981.

- BDlive