Rand firms below R18/$ for the first time in a month
The increasing probability of a rate cut by the US Fed at its September meeting has lifted sentiment towards riskier assets
15 August 2024 - 11:55
UPDATED 15 August 2024 - 23:11
The rand strengthened to less than R18 a the dollar on Thursday, stretching its gains to a seventh straight day — the longest winning streak since June last year, as expectations of a US interest rate cut in September boosted sentiment towards riskier assets.
The local currency, widely considered a barometer of investor sentiment towards emerging markets because of its liquidity, touched an intraday best of R17.9688/$, the strongest in a month. It was also the best performer among its emerging-market peers, followed by the Russian rouble...
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