Rand dips from 3-week high, stocks open lower

Monday, 21 September 2015, 12:34
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Rand dips from 3-week high, stocks open lower
South Africa’s rand retreated on Monday.
NATIONAL NEWS - South Africa’s rand retreated on Monday from its firmest levels in three weeks following the decision to keep US interest rates steady, as the market set its sights on the likelihood of a Federal Reserve rate hike this year.

The rand snapped Friday’s gains as bulls ran out of steam after a top Fed policymaker said a rate hike this year is still likely.

A sell-off of Asian equities also saw the rand beginning the week on the back foot.

Government bonds mirrored the rand, with the paper due in 2026 adding 3.5 basis points to 8.370 percent.

Stocks opened 328 points lower, with South Africa's blue-chip Top-40 index down 0.72 percent by 0702 GMT.
 

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