Picture: REUTERS
Picture: REUTERS

The rand was weaker in the late afternoon on Friday against the dollar, in subdued trade ahead of a long weekend in the US, but stood firm against the pound.

US markets will be closed on Monday for Presidents’ day.

The dollar was slightly firmer against the euro in intraday trade but was mixed against the yen and pound.

The rand broke through the R13/$ level to R12.90 in the week, with analysts saying some pullback was to be expected.

"The rand continues to be well supported, although the domestic unit is currently somewhat overbought from a very short-term perspective," analysts at Momentum SP Reid said.

At 3.40pm the rand was at R13.0921 against the dollar from R13.02.

The rand was at R13.945 against the euro from R13.9015 and at R16.2584 against the pound from R16.2612.

The euro was at $1.0651 from $1.0675.

The dollar was at ¥112.636 from ¥113.2375 and the pound was at $1.2420 from $1.2488.

Analysts said the expectation remained for a stronger dollar over the medium-term following strong inflationary data released in the week, as well as US Federal Reserve chair Janet Yellen’s confirmation in congress that further rate increases were in the offing.

US consumer price inflation quickened to an annual rate of 2.4% in January, surpassing the 2% the Federal Reserve targets, from 2.1% in December.

Please sign in or register to comment.