South Africa's rand weakened against a stronger dollar on Wednesday as traders awaited minutes from the U.S. Federal Reserve's June policy meeting for clues on the interest rates outlook.
The dollar index , which measures the greenback against a basket of six other currencies, was up around 0.2% at 103.26.
"Today's FOMC minutes will be more about how hawkish the statement is relative to what is priced in rather than just a reaction on whether the central bank is hawkish," ETM Analytics said in a research note.they may raise interest rates at least twice more by the year's end.South Africa's private sector activity contracted again in June as higher prices continued to weigh on business demand.
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