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Rand weakens on subdued investor risk sentiment

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The rand retreated early on Wednesday ahead of the US Federal Reserve’s monetary policy announcement and amid subdued investor appetite for riskier assets.

At 0650 GMT the rand was 0.2% weaker at 14.37 per dollar, having closed in Ny at 14.34.

The rand remains being forced as it awaits reaction for the US Fed Bank interest rate decision on Wednesday. The Fed predicted to make mortgage rates for your eighth time since late 2015.

Investors also remain cautious following second-quarter gross domestic product data on September 4 which showed the economy created an economic depression.

A statement by ratings agency Fitch on Tuesday said it was unlikely President Cyril Ramaphosa’s economic multi-billion-dollar turnaround plan would be enough to lift the nation’s sluggish economic growth rate.

In fixed income, the yield about the benchmark government bond due in 2026 was up 0.5 basis suggests 9.155%.

Stocks are due open higher at 0700 GMT, while using JSE securities exchange’s Top 40 Futures index up 0.44%.?

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