Rand dips as markets brace for Federal Reserve decision
The South African rand softened against the dollar as investors awaited the Federal Reserve interest rate decision. Stronger retail sales and stable inflation data failed to lift the currency amid global risk aversion.
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The South Africa rand softened 0.2% to 16.28 per dollar during Wednesday afternoon trade as global investors awaited the United States central bank decision. Markets brushed off stronger domestic retail data. Traders have priced in a quarter-percentage-point rate hike from the Fed, bringing the benchmark to a 3.75%-4% range.
