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The rand traded at 17.20 per dollar on Thursday after US Federal Reserve Chair Jerome Powell said the central bank would deliver more rate hikes next year even as the economy slips toward possible recession. The dollar rose about 0.2% against a basket of currencies.
South African producer inflation and employment data were due later the same day.
Higher US rates strengthen the dollar and pressure emerging-market currencies like the rand, which raises the local cost of imported feed ingredients.
moneyweb.co.zaAlexander Winning, ReutersDec 15, 2022Not 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.
