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South Africa’s rand steadied near 17.01 to the dollar amid strong dollar and rising Middle East tensions.
The South African rand held steady at 17.01 per dollar in early Thursday trading, near Wednesday’s close, as investors reacted to the U.S. Federal Reserve’s hawkish tone and rising Middle East tensions.
The Fed’s caution on rate cuts—driven by inflation concerns linked to higher energy prices from regional conflict—strengthened the dollar, pressuring the rand, which had dropped 1.8% the prior day.
Analysts expect South Africa’s central bank to keep interest rates unchanged at its March 26 meeting, with cuts delayed unless energy prices ease.
The 2035 government bond yield remained at 9.1%.
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El rand sudafricano se estabilizó cerca de 17,01 por dólar en medio de la fortaleza del dólar y el aumento de las tensiones en Medio Oriente.