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MARKET WRAP: Fed’s taper plan proves positive for the rand

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US central bank’s signal that it isn't in a hurry to hike rates bolsters currencies in emerging markets because they offer relatively higher returns for offshore investors

The rand held steady on Thursday, firming for a second day as investors welcomed the US Federal Reserve’s policy decision.

The Fed will from November begin scaling down its monthly asset purchases by $15bn, as expected, though the tapering does not mean policymakers will hike rates soon...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

 

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