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South African rand falls on prolonged power cuts, bets for SARB pause

  • 📰 ReutersAfrica
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The South African rand weakened around 1% against the dollar on Friday, bringing this week's rally to a halt as prolonged power blackouts and expectations the central bank will leave its main interest rate on hold next week weighed on the investor mood.

The risk-sensitive rand has been a big beneficiary of data this week showing cooling U.S. inflation, which has stoked speculation the Federal Reserve could pause its interest rate hikes after this month and driven the dollar to its weakest since April 2022.

But in Friday morning trade in Johannesburg it had moved back above 18 to the dollar and was trading down 1% from its Thursday closing level at 18.1050 at 1555 GMT.

 

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Rand retreats on prolonged power cuts, bets for SARB pauseThe South African rand weakened on Friday, bringing this week's rally to a halt as prolonged power blackouts and expectations that the central bank will leave its main interest rate on hold next week weighed on the investor mood.
Source: ReutersAfrica - 🏆 31. / 53 Read more »