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The rand weakened about 1.23% against a strong dollar on Wednesday, with the rand trading at 18.3053 per dollar. Traders were bracing for US consumer price data forecast at 8.1% year on year for September, which was expected to support further Federal Reserve rate hikes.
ETM Analytics said the rand remains vulnerable in the near term.
Expectations of more Fed tightening keep the dollar strong and weigh on emerging-market currencies, raising the local cost of dollar-priced feed inputs in South Africa. The effect is a currency-driven cost pressure rather than a change in grain supply.
moneyweb.co.zaAnait Miridzhanian, Nellie Peyton, ReutersOct 12, 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.
