The rand was slightly firmer in late afternoon trade on Wednesday as the dollar remained on the back foot against the euro. The rand’s losses to the pound were more elevated on the day, compared to the dollar and euro, as the pound rebounded against the dollar in late trade on the prospects of higher interest rates in the UK. The rand was supported by higher commodity prices and comments from US Federal Reserve chairwoman Janet Yellen that the Fed was on course to hike rates, but only as part of a gradual process. At 3.38pm, the rand was at R12.9774 to the dollar from R13.0151, at R14.7365 to the euro from R14.7557, and at R16.7394 from R16.6803. The euro was at $1.1357 from $1.1338. The pound was at $1.29 from $1.2814. The rand has failed to make much headway in the weaker dollar environment as local political headlines continue to bedevil the prospects for a firmer local currency. Analysts said the rand has also not gained much on the prospects of lower consumer inflation for the ...
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