# South African rand gains sharply on Fed chair comments - Markets - Business Recorder

> The South African rand gained about 0.8% to 14.5750 per dollar after Federal Reserve Chair Jerome Powell said the US economy needed support for 'some time'. Those comments weighed on the dollar. Local stocks fell 2.3% on the Johannesburg bourse, mirroring global equity declines before Powell spoke.

- Date: 2021-02-23 · published 2021-02-23T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/48931-south-african-rand-gains-sharply-on-fed-chair-comments-markets-business-recorder
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Ongoing Fed support tends to weaken the dollar, which supports emerging-market currencies and can ease import costs for feed buyers in those markets. The effect on feed prices is indirect and small.

## Sources

- brecorder.com: https://www.brecorder.com/news/40067281

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