JOHANNESBURG (Reuters) -South Africa’s rand was unchanged on Wednesday ahead of an interest rate decision by the U.S. Federal Reserve.
At 1406 GMT, the rand traded at its Tuesday closing level of 18.68 against the U.S. dollar.
The dollar last traded about 0.3% firmer against a basket of currencies.
The Fed will conclude its two-day meeting on Wednesday, where it is widely expected to keep rates steady.
U.S. President Donald Trump has demanded lower interest rates, arguing that he understands monetary policy better than those charged with setting it.
On Thursday, domestic investors will turn their attention towards the South African Reserve Bank’s first interest rate decision for 2025.
Economists polled by Reuters forecast a 25 basis point cut to 7.50%.
The SARB’s monetary policy outlook was influenced by shifting U.S. monetary policy expectations, with markets now pricing in fewer Fed rate cuts this year, said Shaun Murison, senior market analyst at IG.
On the stock market, the Top-40 was last up about 1%.
South Africa’s benchmark 2030 government bond was stronger, with the yield down 6 basis points to 8.975%.
(Reporting by Sfundo Parakozov and Tannur Anders, Editing by Bhargav Acharya, Sharon Singleton and Alex Richardson)
