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Rand weakens against strong dollar

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The rand has weakened by around one per cent against a basket of major currencies in mid-morning trade, following a stronger dollar.

The dollar strengthened overnight after the U.S. Federal Reserve cut its interest rates by 25 basis points to 2.25%.

However, this was less than the market expected, which strengthened the dollar, especially in light of the Fed indicating that this cut was not the beginning of a series of rate cuts.

A stronger dollar usually weakens the rand. The rand is currently trading close to R14.50 to the dollar from Wednesday’s Johannesburg Stock Exchange closing price of R14.15.

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