The rand was weaker against the dollar on Wednesday morning in the face of competing global forces. On Tuesday, UK Prime Minister Theresa May called for a general election for June as an attempt to strengthen plans to provide her with a more enforceable mandate to make Brexit a success. Markets have also been focused on the upcoming French presidential elections. The first round of the elections will be held on April 23. TreasuryOne currency dealer Phillip Pearce said the "competing global narratives", where risk aversion was coupled with dollar weakness, would make it possible for the rand to move either way, depending on the dominating factor. At 09.01am‚ the rand was at R13.3453 to the dollar from Tuesday’s R13.2952 and at R14.3102 to the euro from R14.2689 and at R17.1151 to the pound from R17.0744. The euro was at $1.0723 from $1.0732.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.