South Africa's rand surrenders post-Fed gains

South Africa's rand fell sharply on Thursday, surrendering most of the gains made in the previous session when the U.S. Federal Reserve dampened expectations of an imminent interest rate increase. The local unit gained as much as 3 percent overnight after the Fed downgraded its views on the U.S. economy and signalled a more gradual approach to monetary tightening. "The weaker rand is a function of EM markets still being under pressure," said Dale Forssman, a trader at World Wide Capital Securiti