Rand flat as dollar holds near peak; stocks rise

The rand was flat in early trade on Wednesday, as the dollar held near a two-decade peak hit on Monday after the Federal Reserve indicated that US interest rates would stay higher for longer. At 0738 GMT, the rand traded at R16.99 against the dollar, 0.01% weaker than its previous close. The dollar index, which measures the greenback against a basket of currencies, was up 0.046% at 108.8, just below a two-decade peak of 109.48 made on Monday.

“The USD-ZAR appears to be caught in a tunnel between R16.75 and R17.00, with any sustained breaks out of this range holding the potential to kickstart a new trend,” economists at ETM Analytics said in a note. On the stock market, the Top 40 and the broader all-share indexes rose around 1%. Investors in South Africa will be looking at July trade balance figures due at 1200 GMT for clues on the health of the local economy.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Five killed in police aircraft crash at Rand Airport in Gauteng - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Police are intensifying investigations into the cause of one of their planes crashing at Rand Airport in Germiston on Gauteng’s East Rand. The SAPS confirmed its fixed wing aircraft crashed on take-off earlier this afternoon. I'm really grateful for all the efforts you have render to me with my little investment of R4000 and with joy over me after withdrawing R50,000 with your help Lisa_berry7 thank you for everything you have done for me and my family Lisa_berry7 🇺🇸☺️ those computers be actin CRAZY
Source: SABCNews - 🏆 37. / 51 Read more »