Rand remains under pressure while the JSE is in waiting mode

THE RAND started off on the back foot yesterday as the market awaited the outcome of the Federal Open Market Committee meeting where the Federal Reserve was expected to hike the US interest rate by 25 basis points.

Volatility in the domestic currency was in line with analysts’ expectations as it traded within a range of R13.21 to R13.40 before recovering some of its losses in afternoon trade.

Peregrine Treasury Solutions’ Bianca Botes said local retail sales figures would largely be overshadowed by the US interest rate announcement. See page 18