Rand wob­bles amid fears of Fed rate hike

Weekend Argus (Saturday Edition) - - FRONT PAGE -

THE rand weak­ened for sec­ond straight ses­sion as in­creased bets of an in­ter­est rate hike in the US damp­ened de­mand for emerg­ing cur­ren­cies glob­ally.

Stocks gained amid a mixed mar­ket led by in­vestors buy­ing back into the re­sources sec­tor. By 1615 GMT the rand had slipped 0.7 per­cent to 14.0375 per dol­lar, its weak­est since Tues­day, fol­low­ing a rally to one-week highs on re­duced con­cerns over the fu­ture of the fi­nance min­is­ter.

The unit lost bout 4 per­cent against the dol­lar on Oc­to­ber 11 when state pros­e­cu­tors an­nounced fraud charges against Fi­nance Min­is­ter Pravin Gord­han for fir­ing his deputy at the rev­enue ser­vice and then re­hir­ing him as con­sul­tant.

Gord­han, due to de­liver his mid-term bud­get be­fore Par­lia­ment next week, has called the charges “friv­o­lous”.

Gov­ern­ment bonds were weaker, with the bench­mark pa­per due in 2026 adding 4 ba­sis points to 8.83 per­cent.

On the bourse, the bench­mark Top-40 in­dex rose 0.45 per­cent to 45 069 points while the All-Share in­dex firmed 0.41 per­cent to 51 629 points. – Reuters

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