Rand weakens as Fed pushes back against March rate cut

The dollar held near a seven-week high against the euro on Thursday, reached after Federal Reserve Chair Jerome Powell pushed back on the idea of a US interest rate cut as soon as March.

The rand lost almost a percent from its closing levels on Wednesday, and was last trading at around R18.76/$.

The yen also held on to overnight gains amid a decline in Treasury yields, as troubles at regional US lender New York Community Bancorp sparked a rush to safer assets.