The rand held on to firmer levels in the late afternoon on Wednesday ahead of US Federal chairwoman Janet Yellen’s testimony to Congress later in the day.
US stock index futures pointed to a higher opening on Wednesday after a volatile week so far‚ meaning a likely weakening of the dollar in anticipation of a more dovish message by Ms Yellen.
The stronger rand pointed to a market view that the Fed would find it hard to justify another four hikes at least this year. However‚ if Ms Yellen adopted a more hawkish view‚ the dollar could firm‚ with emerging market currencies including the rand losing ground again.
At 3.29pm the rand was at R15.7996 against the dollar from a previous close of R16.0658.
Against the euro‚ the rand was at R17.7768 from R18.1448‚ and R22.9865 against the pound from R23.2437 previously.
The euro was at $1.1251 from $1.1292 previously.
TMG Digital/BDlive
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