The South African rand traded around 18.2 against the USD, near its two-month high, as the Fed hinted at pausing rate hikes. The South African Reserve Bank is expected to continue raising interest rates, with traders anticipating a 25 bps hike after March’s headline inflation reached 7.1% YoY. The Monetary Policy Committee emphasized the significance of maintaining inflation within the 3% to 6% target range and anchoring expectations around the 4.5% midpoint.