Federal reserve
Rand, stocks boosted by global risk-on sentiment
At 1700 GMT the rand was 0.45% firmer at 13.8975 per dollar from a Friday close of 13.9600.
At 1510 GMT the rand was trading at 13.6200 per dollar, little changed from a close of 13.6000 on Tuesday.
The Fed’s policy statement and its latest economic projections are due to be released at 2 pm EST following the end of a two-day meeting.
Federal Reserve Chair Janet Yellen left US interest rates unchanged citing slow jobs gains & tepid growth.
Guessing whether the Fed hikes rates on Thursday or opts for a later date is something of a futile exercise.
The rand touched a fresh 14-year low of 12,6900 to the dollar, extending Friday’s sharp losses.
A broad rise for the greenback was the main bet of most major investment houses this year.
The rand was trading at R10,7930 per dollar, 0,2 percent weaker than its New York close.
The move takes the repo rate to 5,5 percent and the prime lending rate to nine percent.
The currency stabilised in afternoon trading but remained well over the 11 mark.
Economists had expected third-quarter GDP growth would be unrevised at a 3.6 percent rate.