South African rand set for weekly gains, stocks fall

JOHANNESBURG - South Africa’s rand fell on Friday, but it looked set for weekly gains as riskier currencies broadly received a boost from the U.S. Federal Reserve maintaining its dovish stance.At 1500 GMT, the rand traded at 14.7500 versus the dollar, 0.14% weaker than its previous close.The South African currency has tracked swings on global markets this week, rallying when the U.S. Federal Reserve pushed back against speculation over rate hikes before retreating.

“The window for additional interest rate cuts in South Africa has closed, with the next move in rates likely to be up,” said Jeffrey Schultz at BNP Paribas. Stocks were down on Friday, closing the week with a net drop as concerns of power cuts locally overlapped with fears of rising treasury yield in the U.S.

The fall was led by the country’s banks, which are sensitive to local economic factors, and mining companies which depend on reliable power supply for smooth operations.

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