Rand hits 19-month high on rate cuts
The currency holds on to gains notched up overnight after the Fed unexpectedly implements a 50 bps decrease
19 September 2024 - 19:56
UPDATED 19 September 2024 - 23:07
The rand firmed to its strongest level in 19 months, holding on to gains notched up overnight after the US Federal Reserve sent ripples through emerging markets’ currencies with an unexpected half-a percentage point rate cut.
The rand, a barometer of a combination of domestic economic conditions and global market trends, was trading 0.4% stronger in evening deals on Thursday at R17.47/$, giving up some of the gains after hitting R17.37/$ in the lead-up to the interest rate meeting of the SA Reserve Bank’s monetary policy committee (MPC). That level was last seen in February 2023...
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