Rand gains as US hike cycle ends

JOHANNESBURG - The rand has made some strong gains against the US dollar following Wednesday’s interest rate decision in the United States.

The Federal Reserve hiked rates by a quarter of a percent, in a move that many investors believe was the last rate hike in the upward cycle.

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The dollar weakened and by extension, the rand strengthen to R17,44 to the greenback.

While Fed Chair Jerome Powell left the door open to another hike in September, traders appear unconvinced.