Rand is marginally weaker despite positive sentiment from emerging markets
Rand recovers from its intraday weakest level in a generally positive emerging-market environment
The rand was marginally weaker in late afternoon trade on Monday as it recovered from its intraday weakest level, in a generally positive emerging-market environment. The rand earlier shrugged off a firmer Russian rouble and Turkish lira, as the local currency weakened to R12.9958. At 3.40pm the rand was at R12.9385 against the dollar from R12.9174. The rand was at R13.7004 against the euro from R13.6485 and at R16.0742 against the pound from R16.1295. The euro was at $1.0589 from $1.0563. Trading was lacklustre for most of the day ahead of US President Donald Trump’s address to congress on Tuesday. Trump was expected to provide further detail on his planned tax reform and infrastructural spending plans mooted during his presidential campaign. "Support for the dollar continued to be fairly resilient, even as outright advances were controlled rather than particularly impressive," analysts at Momentum SP Reid said. Momentum said the rand had held its ground at about R12.90 over the sh...
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