The rand was stable against the dollar on Thursday just before midday, ahead of the release of the Reserve Bank’s interest-rate announcement. Morning trade was focused on the US Federal Reserve’s announcement on Wednesday that it would, as soon as October, start the process of winding down its $4.5-trillion balance sheet, while also keeping interest rates unchanged. The Fed also left the possibility open for one more interest-rate increase before the end of 2017. Sasfin analysts said emerging markets had not fully captured the Fed’s decision in earlier trade, as equity and currency indices remained in positive territory. Higher interest rates in the US could possibly divert capital flows away from emerging markets. Local afternoon trade will focus on the Reserve Bank’s interest-rate announcement. The Bank is expected to reduce the repurchase rate by another 25 basis points to 6.5%. At 11.32am the rand was at R13.3275 to the dollar from R13.3235‚ at R15.8754 to the euro from R15.8481...
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