The battered rand staged a minor comeback in late trade on Wednesday after earlier falling to a fresh two-year low against a rampant dollar as the market bet that the US Federal Reserve would announce further aggressive interest rate hikes to tame persistently high inflation.
The local currency fell as much as 1% to R17.46/$ before recovering to R17.3411/$ by 6.20pm, but still 0.3% weaker on the day. It was 0.72% softer against the euro at R17.23/€ but little changed against the pound at R19.89/£...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.