The rand staged a mild retreat from a two-week high on Wednesday morning, as the dollar clawed back its recent losses. The recovery in the greenback came despite US President Donald Trump deepening his criticism of the US Federal Reserve for raising interest rates. The world’s most influential central bank has raised interest rates three times in 2018, boosting the value of the dollar at the expense of other currencies. At least one more rate hike is likely before the end of 2018. On Wednesday night, the Fed will release minutes of its most recent meeting, which are likely to provide short-term direction for the markets. Excluding the current session, the rand and other emerging-market currencies have steadily been gaining ground after a bout of volatility in September. Standard Bank trader Warrick Butler said a decision by Moody’s Investors Service to delay the review of SA’s debt rating lifted sentiment toward the rand. Moody’s is the only major ratings agency that has the country...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now