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The rand had strengthened sharply through July, reaching R17.42 per dollar in the last week of the month after a weak first half. Foreign investors bought R11.3 billion of South African bonds in July.
Analysts expect no further US rate changes this year, though markets are pricing cuts from Q2 2024.
A stronger rand reduces the local-currency cost of imported feed ingredients, though the gains could reverse if the dollar firms or China's recovery weakens.
businesstech.co.zaLuke FraserJul 31, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
