Rand marginally weaker in cautious trade ahead of Reserve Bank rate decision
The rand was fractionally weaker in midday trade on Thursday as the market awaited the Reserve Bank’s monetary policy committee (MPC) decision on interest rates. Reserve Bank governor Lesetja Kganyago will deliver his bimonthly speech shortly after 3pm. Market expectation is for rates to remain unchanged. At 11.34am the rand was at R12.9119 to the dollar from R12.8957. The rand battled to hold on to its best intraday level of R12.8455 despite a marginally weaker dollar. Expectation from earlier in the week that the ANC national executive committee (NEC) may recall President Jacob Zuma this weekend has lessened a little. The rand was at R14.4943 to the euro from R14.4618 and at R16.7396 to the pound from R16.7098. The euro was at $1.1226 from $1.1214. The dollar weakened on the US Federal Reserve minutes, released on Wednesday, indicating a continued mildly dovish stance by Fed members, although they remain committed to further interest-rate increases, possibly in June. Future US eco...
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