Rand trades slightly weaker but remains resilient and range bound
The market is waiting for the much-anticipated US non-farm payroll data, which will determine the pace of interest-rate increases there
The rand was slightly weaker against the dollar on Wednesday afternoon, with the global market focus being the US non-farm payroll number on Friday. The local currency had been resilient but volatile leading to the much-anticipated data, which would determine the pace of interest-rate increases in the US. Since Monday, the rand traded in a tight range of between R12.93/$ and R13.12/$. TreasuryOne currency dealer Phillip Pearce said that while the rand remained resilient, the volatility and "mad swings" the market became accustomed to with the local currency had "eased away". At 3.29pm‚ the rand was R13.0859 to the dollar from Tuesday’s R12.9738‚ R13.7982 to the euro from R13.7103 and R15.9296 to the pound from R15.8313. The euro was at $1.0543 from $1.0566.
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