Johannesburg – The rand weakened against the US dollar on Wednesday ahead of an interest rate decision by the central bank, although the currency remained in sight of recent three week highs.
By 17:40 GMT the rand had slipped 0.3% versus the greenback to R11.8355, losing the momentum that saw the unit climb to a session high of R11.7550/$ earlier as the dollar continued to suffer against major currencies.
The index measuring the dollar against a basket of currencies showed it 0.3% softer on Wednesday, weighed down by expectations that the Federal Reserve may delay lifting rates to as late as September.