Rand loses ground as risk-off sentiment prevails

The rand was weaker at midday on Tuesday as the market awaits Wednesday’s rate decision by the US Federal Reserve. "The move away from risk assets and towards safer bonds seems overdone as the market only sees a 6% chance of a rate hike tomorrow night by the US Fed’s federal open market committee (FOMC)‚" TreasuryOne head of dealing Wichard Cilliers said.