Relief for the rand as it gains more than 1% on the dollar by midday Friday
The rand was more than 1% firmer against the dollar in midday trade on Friday as the local currency continued to recover from the sharp retraction on Thursday. The rand benefited from a marginally weaker dollar and higher platinum and gold prices. It showed little reaction to continuing local political tension ahead of a planned no-confidence vote against President Jacob Zuma in Parliament. The South African Council of Churches (SACC) has warned that the country may be on the verge of becoming a mafia state under Zuma. The rand lost nearly 3% to the dollar on Thursday as a bribery scandal involving Brazilian President Michel Temer shook already weak sentiment towards emerging markets. At 11.41am the rand was 1.13% firmer at R13.2730 against the dollar from R13.4244. The rand was at R14.8171 against the euro from R14.9179 and at R17.2696 against the pound from R17.3766. The euro was at $1.1163 from $1.1112. Nedbank Corporate and Investment Banking analysts said the rand had managed t...
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