Johannesburg — South Africa’s rand was listless against a steady dollar on Friday, as investors assessed the prospects that the U.S. Federal Reserve might pause its rate-hike trajectory.
At 0620 GMT, the rand traded at 18.0825 against the dollar, near its previous close of 18.0850.
The dollar index , which measures the safe-haven currency against six rivals, held ground at 102.53.
The U.S. Fed on Wednesday delivered an expected interest rate hike of 25 basis points, but took a cautious stance on economic outlook due to the recent banking sector turmoil.
Local investors will shift their focus towards the central bank’s rate decision due next week, with markets expecting a 25-basis-point hike.
The government’s benchmark 2030 bond was unchanged in early deals, with the yield at 9.950%.
*Bhargav Acharya; Editing: Sherry Jacob-Phillips – Reuters
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