# South African rand stable, supported by investors' Fed conviction

> The South African rand was stable on Tuesday against the dollar at 18.65, with investors convinced the US Federal Reserve will not raise rates again. The dollar was on track for a loss of more than 3% in November, its worst performance in a year.

- Date: 2023-11-28 · published 2023-11-28T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/33448-south-african-rand-stable-supported-by-investors-fed-conviction
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar and firm rand support local currency purchasing power for South African importers of feed ingredients, with limited direct effect on grain prices.

## Read by commodity

- DXY: bearish ▼
- USDZAR: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-10-29 | [South African rand gains on expectations of Fed rate cut \| CNBC Africa](https://feedsoft.ai/events/22700-south-african-rand-gains-on-expectations-of-fed-rate-cut-cnbc-africa.md) | +1.0% | +0.5% |
| DXY | 2024-10-11 | [South African rand rises after U.S. data fuels Fed rate cut bets \| CNBC Africa](https://feedsoft.ai/events/28156-south-african-rand-rises-after-u-s-data-fuels-fed-rate-cut-bets-cnbc-africa.md) | +0.7% | +2.0% |
| DXY | 2024-08-23 | [South African rand jumps as Fed's Powell signals lower rates](https://feedsoft.ai/events/29087-south-african-rand-jumps-as-fed-s-powell-signals-lower-rates.md) | -0.1% | -0.8% |
| DXY | 2019-03-20 | [South Africa’s rand gains ahead of Fed decision - Moneyweb](https://feedsoft.ai/events/60378-south-africa-s-rand-gains-ahead-of-fed-decision-moneyweb.md) | +0.4% | +0.4% |
| DXY | 2024-08-30 | [South Africa Rand (USD/ZAR) Surges on Fed Rates, Economy Optimism - Bloomberg](https://feedsoft.ai/events/29085-south-africa-rand-usd-zar-surges-on-fed-rates-economy-optimism-bloomberg.md) | +0.2% | -0.9% |

## Sources

- reuters.com: https://www.reuters.com/markets/south-african-rand-little-changed-against-dollar-2023-11-28/

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