The dollar fell on Wednesday after U.S. President Donald Trump called on Federal Reserve Governor Lisa Cook to resign, but pared gains after minutes from the Fed's latest meeting showed that only two policymakers supported an interest rate cut last month.

Wall Street shares rallied Friday as US Federal Reserve chief Jerome Powell left the door open to cutting interest rates, which also sent the dollar dropping against the euro and

The erosion of confidence in the Fed is a bearish factor for the dollar. A separate factor is expectations for the key rate, where investors have reduced the chances of a 25-point rate cut to 73%. This is a significant fundamental driver of the dollar's growth over the past week and a half,

At the interbank foreign exchange, the local unit opened at 87.37 against the greenback and traded in the range of 87.32-87.55 before settling at 87.52 (provisional).

The South African rand strengthened on Friday, boosted by a weaker dollar and a rebound in gold prices, after U.S. Federal Reserve Chair Jerome Powell pointed to a possible rate cut at the central bank's September meeting.

Key Takeaways Federal Reserve officials and their global colleagues often deliver remarks at the Jackson Hole Symposium that have implications for interest rates.Federal Reserve Chair Jerome Powell’s speech on Friday will command attention,

President Donald Trump called on Federal Reserve Governor Lisa Cook to resign after a staunch ally called for an investigation of the board member’s mortgages, intensifying his campaign on the central bank.