Money SA economy
The rand was firm in the afternoon session on Friday as the dollar came off its earlier highs.
At 3.40pm the rand was bid at R7.67 to the dollar, R10.38 to the euro and R11.82 to the pound. The euro was bid at $1.3507 from $1.3466 previously.
A local currency trader said: "Obviously the big trigger on markets was the Feds decision to increase the discount rate.
"The US has come off its earlier highs," he said adding that the local currency was back to tracking euro/dollar play, having earlier largely ignored the greenback's rally.
Dow Jones Newswire reported the Federal Reserve's surprise decision to increase the discount rate Thursday was keeping the dollar well supported in Europe Friday.
However, the US currency had backed down a little from earlier highs as the market now waits for any further data or Fed comments that might give some hint about the central bank raising its Fed Funds target.
Fed officials were quick to warn that the discount rate move was largely technical and didn't signal any tightening in monetary policy. The Fed had warned last week that this would be the first rate move.
