Johannesburg. – The rand was slightly weaker yesterday morning following the release of US Federal open market committee (FOMC) meeting minutes on Wednesday night. At 8.20am the rand was at 12,9371 against the dollar from a previous close of 12,8789. Against the euro the rand was at 14,3985 from a previous close of 14,3241.
Against the pound‚ the rand was at 20,2788 from 20,1944. The euro was at $1,1131 from $1,1121. Dow Jones Newswires said the outlook remained cloudy concerning when the US would raise interest rates.
Officials have signalled for months that they intend to start raising short-term rates before the end of the year but they have provided no clear sign that they will move at the next policy meeting in September.
Minutes of the July meeting underscored why the decision remained a close call, the newswires said.
“Most officials judged that the conditions for policy firming had not yet been achieved‚ but they noted that conditions were approaching that point,” the minutes said. – BDLive.