Market News
South African rand gains as softer dollar offsets reduced Fed cut hopes - REUTERS
JOHANNESBURG, March 16 (Reuters) - The South African rand strengthened in early trade on Monday, as a softer dollar helped offset fading hopes of a near-term interest rate cut by the U.S. Federal Reserve due to the elevated energy prices.
* At 0738 GMT the rand traded at 16.89 against the dollar,about 0.3% up from its previous close. * The greenback nudged lower as stabilising oil pricesencouraged traders to unwind positions that had been hedgingagainst heightened risk aversion. * Gold prices, a key South African export, were steady onMonday after recovering from an earlier near 1% drop, supportedby a softer dollar
