The South African rand recovered some ground on Wednesday after hitting its lowest level in almost three years after South African data showed a sharp economic contraction and on hawkish comments from U.S. Federal Reserve Chair Jerome Powell.
At 1531 GMT, the rand traded at 18.5200 to the dollar, 0.42% stronger than its closing level on Tuesday. Earlier on Wednesday it hit 18.7200, the lowest since May 2020 during the first months of the pandemic.
The biggest driver was a warning from Powell on Tuesday that U.S. interest rates might need to go up even faster and higher than expected to rein in inflation, ETM Analytics said.at one point against most other major currencies on Wednesday. The rand's slide was compounded by gross domestic product figures released on Tuesday that showed South Africa's economy
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