Rand strengthens against the dollar
JOHANNESBURG - The rand has surged sharply against the US dollar to its strongest level in six weeks.
It comes ahead of an interest rate announcement in the US on Wednesday.
The central bank is expected to pause rate hikes.
Higher interest rates in the US strengthen the Dollar but have a negative effect on emerging market currencies, including the rand.
But with US inflation easing, investors expect a pause on rate hikes.
This has seen the rand strengthen by 2 percent on Wednesday, at one point hitting R18.25.
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