The rand extended its losses against major currencies on Thursday in volatile trade ahead of the long weekend on Friday. On Thursday morning the rand strengthened against the greenback, despite the US Federal Reserve raising interest rates overnight. The Fed raised interest rates by 25 basis points and struck a hawkish tone. Markets appeared cautious in response to this stance due to recent weak economic data out of the US, Rand Merchant Bank analyst John Cairns said. Market expectation for a third rate increase in December was only 45%, he said. By midday, the local unit had reversed gains, weakening further after the announcement by the Department of Mineral Resources that the revised Mining Charter had raised the requirement of black ownership from 26% to 30%. The Chamber of Mines said it would seek to interdict implementation of the charter.
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