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South Africa’s rand at 3-week high

By on June 18, 2015

South Africa’s rand strengthened by more than one percent versus the dollar to a three-week high after the U.S. Federal Reserve postponed hiking interest rates.

“FOMC (Federal Open Market Committee) disappointed a little in their talk yesterday.

The local unit climbed as high 12.1380, a level last seen at the end of May, before paring gains to 0.58 percent at 12.1990 by 14.45 GMT.

The dollar index had fallen 0.66 percent to a month-low, struggling to shrug-off the lack of a clear signal from the U.S. central bank on when it would raise interest rates.

However, traders and analysts said the reprieve for the Rand, which has fallen more than 7 percent against the greenback so far this year, was unlikely to last.

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