A man holds new South African banknotes at the value of ten, twenty, fifty, one hundred and two hundred South African Rand depicting former South African president Nelson Mandela at The South African Reserve Bank (SARB) on July 13, 2018 in Pretoria, South Africa. The South African Reserve Bank in celebration of the centenary of Mandela's birth launched its first commemorative banknote series. The larger than normal notes, namely the R10, R20, R50, R100 and R200, depict Mandela's historical journey from his birthplace to his last days. / AFP PHOTO / Phill Magakoe

Rand steady

JOHANNESBURG. — South Africa’s rand was flat against the dollar yesterday as investors kept a cautious stance ahead of the finance minister’s budget speech, US economic data and an interest rate decision by the Federal Reserve.

The rand was at 14.6300 versus the greenback, as of 0505 GMT, 0,01 percent lower compared with previous session’s close.

Finance Minister Tito Mboweni, who was set to deliver his medium-term budget policy statement yesterday, was expected to reveal a wider government deficit and higher debt.

Globally, expectations of further US monetary policy loosening also emboldened investors, with a reduction of 0,25 percentage points at the conclusion of the Fed’s two-day meeting later yesterday almost seen as a done deal. However, that sentiment was countered by worries that a Sino-US first-stage trade deal could be delayed, prompting a slip in shares in Asian markets. — Reuters.

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