Rand basks in dollar’s misfortune
The rand was steady at midday on Friday as the due to the weaker dollar.
The greenback remained under pressure against other major global currencies following president-elect Donald Trump’s news conference on Wednesday.
At 11.35am the rand was at R13.5192 to the dollar from a previous R13.5107.
It was at R14.3940 against the euro from R14.3400 and at R16.5059 against the British pound from R16.4370.
The euro was at $1,0648 from $1,0613.
The rand was unsuccessful in breaking through R13.50/$ in early morning trade, reaching only R13.4731.
Analysts were cautious to predict further strengthening in the rand over the short term as it is dependent on further dollar weakness.
Nedbank Corporate and Investment Banking (CIB) analysts described the rand’s gains on Thursday, when it firmed 30c against the greenback, as "spectacular".
The rand reached a two-month best level of R13.41/$.
Nedbank said dollar bulls seemed less than pleased with Trump’s press conference in which he provided little clarity on his mooted fiscal stimulus programme.
Firmer US treasury yields on Friday could point to a weaker dollar, but market players were hesitant to take big positions ahead of the weekend and a public holiday in the US on Monday.