The South African Rand lost ground against the U.S. dollar in the European session on Thursday, as the latter was buoyed by the Fed's decision to raise interest rates by 25 basis points and indicating aggressive pace of tightening in 2017.

The Rand declined to near a 2-week low of 14.10 against the greenback, from a high of 13.91 hit at 5:30 pm ET. The rand is likely to locate support around the 15.00 zone.

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