The rand was weaker at midday on Monday as its struggled to breach the R13.20/$ level, The rand has made four attempts since August last year to break through the level, but has failed each time. The rand hit a best level of R13.23/$ in intraday trade, before giving up some of the earlier gains. At 11.40am the rand was at R13.2836 to the dollar from R13.2568. It was at R14.2726 against the euro from R14.3153. It was at R16.5680 against the British pound from R16.5661. The euro was at $1.0745 from $1.0791. "A break through R13.20/$ is going to be tough, given that there is little in the way of a potential catalyst in a bare data and events week," said Rand Merchant Bank (RMB) analyst John Cairns. Based on the good performance in the second half of last week, the rand had seemingly unwound the underperformance that resulted from concern about a Cabinet reshuffle, he said. The absence of further gossip had allowed the wound to heal amid the rumours that the reshuffle would happen only ...
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.