South African rand stabilises after big drop – Markets

The South African rand stabilised on Wednesday after a big drop the day before when the U.S. dollar posted its best daily performance since March 2023.

At 0716 GMT, the rand traded at 18.5700 against the dollar, the same level as its previous close.

On Tuesday, the first trading day of 2024, the rand ended about 1.5% weaker against the dollar, as elevated U.S. Treasury yields and a cautious…