South African rand extends losses before Powell speech

The South African rand extended losses in early trade on Friday, ahead of a speech by the U.S. Federal Reserve Chair, which could set the tone for future interest rate hikes in the world’s biggest economy. According to News24, just this morning, the rand traded at 18.8700 against the dollar , about 0.3% weaker than its previous close. The rand has had a turbulent week, contributing to its over 5% losses month-to-date.
The dollar last traded around 0.1% stronger against a basket of global currencies.