The South African rand was the biggest winner in the emerging market currencies as US Federal Reserve Chair Janet Yellen suggested that any more interest rate increases will be gradual and very much data dependent. This helped bolster certain assets which otherwise would have been too risky to invest in due to the new higher interest rates.
The South African currency was one of many who enjoyed a day’s respite. Over 20 currencies strengthened for the first time in four days, including the Russian rouble which gained well over 1%.
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