The rand was marginally weaker in late afternoon trade on Wednesday after Finance Minister Pravin Gordhan concluded his budget address, but remained range bound in a stronger dollar environment. The rand was at R13.08 to the dollar soon after Gordhan commenced his speech and was at R13.14 when it ended. The rand initially strengthened to R13.06 during the speech. At 3.40pm the rand was at R13.1577 from a previous R13.1366. The rand was at R13.8329 to the euro from R13.8425 and at R16.3775 against the pound from R16.3895. The euro was at $1.0513 from $1.0536. Stanlib retail investment director Paul Hansen said there was a possibility the rand could weaken should Gordhan be replaced. "But for now the rand’s uptrend appears to be firmly intact, although technical analysis shows it is a bit stretched." The dollar was firmer ahead of the release of the US Federal Reserve’s minutes on its last interest-rate decision later on Wednesday. Rates were kept on hold at the meeting at the end of ...
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