Rand breaks through R12.90/$ as dollar remains under pressure
The dollar weakened sharply over the weekend following pro-EU candidate Emmanuel Macron’s victory in the first round of the French presidential election
The rand broke through R12.90/$ at midday on Monday, after firming through R13 at the opening amid renewed choppy trade in the dollar. The local currency again surprised analysts, breaking through the R12.93/$ resistance level after strengthening to R13.12 last week. At 11.37am the rand was at R12.8966 to the dollar from R13.0051. The rand was at R14.025 against the euro from R14.1563 and at R16.5406 against the pound from R16.6672. The euro was at $1.0875 from $1.0904. The dollar weakened sharply over the weekend following pro-EU candidate Emmanuel Macron’s victory in the first round of the French presidential election, reaching a five-month low of $1.0935 to the euro. It then regained some lost ground to $1.082 to the euro, but again weakened on Monday morning as it became increasingly unlikely that right-wing candidate Marine le Pen would be victorious in the second round vote, scheduled for May 7. Standard Bank analyst Warrick Butler said disaster was seemingly averted for the e...
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