Rand edges higher as currency traders hold their breath before the budget
The rand was stronger against the euro
The rand was 5c firmer against the dollar in afternoon trade on Tuesday, as risk-on sentiment among emerging-market currencies gained favour, despite a stronger dollar. The rand was stronger against the euro, the yen and sterling as those currencies traded weaker against the dollar. "The political turmoil surrounding Finance Minister Pravin Gordhan is simmering at the moment and not boiling over. Everybody is waiting for the mid-term budget statement on Wednesday," Iquad group currency dealer Tony van Dyk said. The rand was holding up well, despite 71% of global market participants expecting the US Federal Reserve to raise interest rates later this year. Higher rates in the US would be negative for the rand, Van Dyk said. At 3.44pm, the rand was at R13.8516 to the dollar from Monday’s R13.9096. It was at R15.0475 to the euro from R15.1336, and at R16.7955 to the pound from R17.0232. The euro was at $1.0863 from $1.0881 on Monday.. Gordhan is to deliver the mid-term budget policy sta...
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