South African Rand Faces Challenges in 2024 Amid Economic and Political Uncertainties
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#9f57e6b8 ver:0.12

The South African rand has experienced a significant rally, strengthening by more than 2% overnight . This surge comes after the Federal Reserve released its latest economic projections, indicating that the interest-rate hike cycle has come to an end and that lower borrowing costs are expected in 2024 . The rand, which had almost reached R19.10 against the US dollar on Wednesday, was trading at R18.58 on Thursday morning .

This positive movement in the rand can be attributed to the market's reaction to the Federal Reserve's signals of future rate cuts . The Fed's projections have provided reassurance to investors, leading to increased confidence in the South African currency .

However, analysts expect the rand to face continued challenges in 2024 due to economic and political uncertainti...

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 https://here.news/story/9f57e6b8?ver=0.12