Cape Times (Digital)

Cape Times (Digital)

1 Issue, 2021-04-30

rand rises against A subdued dollar after THE fed holds rates

THE RAND rose at a more than one-week high against the greenback yesterday amid a subdued dollar after the US Federal Reserve held interest rates unchanged at near zero. The Fed was steadfast in its attempt to achieve the Federal Open Market Committee’s target of maximum employment and inflation at the rate of 2 percent over the long term. The rand peaked at R14.15 against the dollar during intraday trade yesterday, its highest level on a closing basis since 19 April, before closing 1 cent stronger to the dollar at R14.29 by 5pm. The dollar was put under further pressure by US President Joe Biden's proposed spending plans which raised fears over the US budget and trade deficits. The rand has gained a lot of ground against the dollar…
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Cape Times (Digital) - 1 Issue, 2021-04-30

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