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Johannesburg - The
rand was steady against the US dollar on Wednesday after rallying to
its strongest level in seven weeks overnight, alongside other emerging
currencies as investors bet that US interest rates would remain low
for some time.
The local unit barely moved on data from the Reserve Bank showing that growth in credit demand from theprivate sector was little changed at 8.74% year-on-year in September.
At 06:53 GMT the rand traded at R10.8555 to the dollar, little changed from its New York close at R10.8410.
Government bonds edged higher, pulling the yield for the 2026 secondary market benchmark 3.5 basis points lower to 7.88%.
The rand tracked gains by most emerging Asian currencies amid expectations that the US Federal Reserve will on Wednesday reaffirm its intention to wait longer before hiking interest rates.
"(The rand) is likely to benefit from a risk-on environment should the Fed retain a dovish tone tonight," Barclays Africasaid in a note.
