Rand firms slightly but goes from best emerging-market performer to worst
The rand was slightly weaker against the dollar in late afternoon trade on Thursday. It is now the worst-performing emerging-market currency over the past week, with a loss of 9.7% against the dollar. Only two weeks ago, the rand was the best-performing emerging-market currency, gaining 10.1% against the dollar since the beginning of the year. "It seems fair to assume that the rand would remain weak ahead of the expected downgrade announcements of Fitch and Moody’s," Stanlib economist Kevin Lings said. The rand has come under pressure following President Jacob Zuma’s decision to fire both finance minister Pravin Gordhan and deputy finance minister Mcebisi Jonas, in a Cabinet reshuffle last week. At 3.40pm the rand was at R13.8219 against the dollar from R13.8039. It was trading at R14.7289 against the euro from R14.7409 and at R17.2291 against the pound from R17.2429. The euro was at $1.0657 from $1.0678. Some investors have queried why the rand had not fallen further given the curr...
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