JOHANNESBURG, Jan 3 (Reuters) – The South African rand held steady on Tuesday as investors awaited the minutes of the US Federal Reserve’s last policy meeting in December for clues on interest rate developments. interest for 2023.
At 1538 GMT, the rand was trading at 16.9850 against the dollar, little changed from its previous close of 16.9775.
Minutes from the Fed’s December policymaking meeting will be released on Wednesday.
The risk-sensitive rand had a volatile 2022, as internal factors such as power outages, port strikes and political turmoil weighed on the currency, in addition to economic and geopolitical events elsewhere.
The rand is very susceptible to global factors such as US monetary policy.
In the stock market, the Top-40 Indices (.JTOPI) and the Broadest of All Stocks (.JALSH) finished around 2% higher, mainly due to gains in the Industrial Index (.JINDI).
The benchmark 2030 government bond was stronger in afternoon trading, falling 11 basis points to 10.075%.
Reporting by Bhargav Acharya and Anait Miridzhanian; Edited by Andrew Heavens
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