Local currency softer on Thursday morning after Federal Reserve keeps interest rates unchanged, but signals possible hike later this year THE rand was weaker on Thursday morning after the US Federal Reserve kept interest rates unchanged, but signalled a possible hike later this year.At 9.12am the rand was at R12.6335 to the dollar from a previous close of R12.5446.The rand was at R13.8424 against the euro from a previous close of R13.7831 and at R19.6986 to the British pound from R19.5713 previously.The euro was at $1.0957 from its previous close of $1.0986.Investec economist Annabel Bishop said the federal open market committee (FOMC) statement released on Wednesday essentially left the door open for the Fed to hike interest rates at its September meeting (a 25 basis point hike was expected) or later in the year. The Federal funds target rate was unchanged at 0%-0.25%.The Fed’s statement made particular mention of the labour market, noting "solid job gains and declining unemploymen...
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