South Africa’s rand up 1 percent after U.S. Fed chairman comments weigh on dollar


JOHANNESBURG – South Africa’s rand rand firmed 1 against to 14.1200 late on Monday versus the dollar shortly after markets opened in New York, driving the greenback down for a second straight session.

“It’s mainly due to the slide in the dollar. I don’t believe it’s any local factors,” said Treasury One dealer Andre Botha.

Comments form Federal Reserve Chairman Jerome Powell on Friday suggested a slower pace of monetary tightening putting pressure on the dollar.  (Reuters)