The rand was marginally weaker at midday on Tuesday but still trading within range of the firmer levels it hit on Monday. The rand gained 20c against the dollar on Monday after centrist and pro-EU Emmanuel Macron won the first round of the French presidential elections. The dollar weakened in response, losing ground against the euro as investors took the view that Macron would be the clear winner over right-wing candidate Marine le Pen in the final round on May 7. "The weaker greenback continues to favour the rand for the moment, with near-term technicals remaining fairly well supported," Momentum SP Reid analysts said. At 11.33am the rand was at R13.0464 against the dollar from R13.0184, trading between R12.96 and R13.09. The rand was at R14.2163 against the euro from R14.1488 and at R16.7301 against the pound from R16.6530. The euro was at $1.0897 from $1.0869. Technical analysis shows the next important resistance level for the rand is at R12.85/$. Should the local currency break...
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.