The rand was slightly weaker against the dollar at midday on Wednesday as the local currency continued to recover after a tumultuous past week. Standard Bank’s executive head of foreign exchange spot trading, Warrick Butler, said the rand would regain more of the ground it lost after Donald Trump’s victory in the US presidential elections. But the rand was still under pressure from a strong dollar and high US treasury yields, said RMB analyst Nema Ramkhelawan-Bhana. Another factor that could be influencing the local currency is the indication that the US Federal Reserve is likely to hike interest rates in December. Reports of a meeting later this week between Saudi Arabian and Russian energy ministers have also led to speculation that oil prices could rise, which could affect the rand. The ministers plan to meet before the planned Opec gathering. Trump’s transition team to the White House has been in disarray, with a few members forced out. Markets are keeping an eye on the key posi...
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