THE rand maintained a firmer bias late on Friday as risky assets rallied, and the dollar weakened, following the release of dovish September Federal open market committee meeting minutes on Thursday. The Fed diminished market participants’ expectations of a US rate hike this year. At 3.33pm the rand was at R13.2933 against the dollar from a previous close of R13.3120. It touched a strongest level of R13.2385 in intraday trade. The local currency was at R15.0858 against the euro from R15.0119 and at R20.3708 against the pound from a previous close of R20.4315. The euro was at $1.1349 from $1.1275. The minutes depicted a committee confident in their own economy but worried about global events and the possible repercussions they could have on the US economy if the dollar continued to weigh negatively on US exports, TreasuryOne chief currency dealer Wichard Cilliers said. The US Federal Reserve portrayed a "deeply cautious tone" as they appeared to be uneasy with the China-led slowdown that swayed them to keep rates on hold, he said. The dovish tone had spurred investors to take risks as they sought yield now that expectations of a hike were being pushed further back, he said. Commodities were also benefiting from the weaker dollar with platinum and palladium up 6.2% and 1.6%, respectively this week. The rand had benefited on both fronts as risk-on trade and commodity strength spurred the local currency on, Mr Cilliers said.

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