The rand was marginally weaker at midday on Friday, despite a slightly softer dollar. The rand was following weaker commodities on the day after the copper price fell more than 3% on Thursday, on renewed Chinese growth concerns relating to the property sector. A higher gold and platinum price put the lid on further depreciation. At 11.42am the rand was at R12.9080 against the dollar from R12.8684. The rand was at R13.6725 against the euro from R13.6174, and at R16.1841 against the pound from R16.16. The euro was at $1.0592 against the euro from $1.0581. The rand hit R12.80 on Thursday on positive global indicators, including a softer dollar, and as the market reacted positively to the commitment towards fiscal consolidation shown by Finance Minister Pravin Gordhan in the budget. The rand is set to gain on further periodic weakness in the dollar. However, it will come under pressure if the dollar strengthens on eventual interest-rate increases in the US. "The 12.80 level looks like a...
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