# Rand slips on US rate hike concerns - Moneyweb

> The rand slipped on Monday to about 18.66 per dollar as US Treasury yields rose and Fed Chair Powell reaffirmed that further rate hikes may be needed. Analysts said the rand often follows US monetary policy in the absence of local drivers. The BRICS summit expansion was also cited as a risk factor.

- Date: 2023-08-28 · published 2023-08-28T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/34881-rand-slips-on-us-rate-hike-concerns-moneyweb
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Expectations of further US rate hikes support the dollar and weigh on emerging-market currencies such as the rand. This adds to the cost of dollar-priced feed imports for South African buyers.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- moneyweb.co.za: https://www.moneyweb.co.za/news-fast-news/rand-edges-up-monday/

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