The rand reeled in the face of a resurgent dollar on Friday morning after US Federal Reserve chairwoman Janet Yellen signalled that an interest rate increase in the US was imminent. The local currency touched R14.55 against the greenback, levels last seen in mid-September, and was weaker against the euro and British pound. The renewed volatility in the currency is likely to step up pressure on the Reserve Bank’s monetary policy committee, which meets next week to decide on interest rates, although economists expect rates to stay on hold. The erratic price action also comes less than three weeks before ratings agencies Moody’s and S&P Global Ratings review their decisions on the country’s credit ratings. "It seems that we are banging the same old drum the whole time, but the only news at the moment driving the market is the US dollar on the front foot," TreasuryOne dealer Andre Botha said. "Yesterday, the US had very good data and this has certainly put the final nail in the coffin f...
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