# Rand takes a hit as the dollar rallies – BusinessTech

> The rand lost about 1.15% against the dollar on July 29, closing near R18.50, as Middle East escalation fears and anticipation of the Fed decision pushed investors into safe havens. Investec noted the rand had been stronger in recent weeks on improving South African sentiment.

- Date: 2024-07-29 · published 2024-07-29T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/29576-rand-takes-a-hit-as-the-dollar-rallies-businesstech
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Safe-haven dollar demand weakens the rand and raises the local cost of dollar-priced feed imports, although the effect on prices is modest and short-lived.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- businesstech.co.za: https://businesstech.co.za/news/finance/784782/rand-takes-a-hit-as-the-dollar-rallies/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.