You are using an older browser version. Please use a supported version for the best MSN experience.

Rand firms as doubts remain over US rate hike

Moneyweb logo Moneyweb 2016-10-18 Stella Mapenzauswa, Reuters

© Moneyweb JOHANNESBURG - South Africa's rand strengthened against the dollar on Tuesday, tracking a rally in emerging market currencies after a Federal Reserve official hinted it might not be simple for the US central bank to raise interest rates.

The rand was trading 0.83% firmer at 14.0225 by 0740 GMT after ending Monday's session in New York at 14.1400.

The dollar fell against a basket of major currencies after Federal Reserve vice chairman Stanley Fischer said economic stability could be threatened by low interest rates, but it is "not that simple" for the Fed to raise rates.

The rand is set to track global market trends in the absence of local data and fresh news on the fraud case against Finance Minister Pravin Gordhan.

Government debt was firmer in early trade, with the yield on 10-year benchmark down 7 basis points to 8.79%.

The top-40 stock index up 0.53%, All-share index adds 0.56%. 

More From Moneyweb

image beaconimage beaconimage beacon