Rand supported by disappointing US data and suspended mining charter
The rand was firmer against the dollar on Monday just before midday as disappointing data out of the US and the suspended mining charter supported the currency.
Weak US economic data on Friday made the likelihood of an interest-rate increase there less likely.
Core inflation for June rose a modest 0.1%, which was below economists’ expectation of a 0.2% increase. Year on year, core consumer inflation came in at 1.7%.
The rand firmed after these announcements, which favoured risk assets and currencies.
On Friday, the new mining charter was suspended, pending the outcome of a court application for it to be reviewed and set aside.
TreasuryOne dealer Andre Botha said the "weaker inflation number out of the US that coincided with the controversial mining charter being mothballed until it comes under juridical review", favoured the rand.
At 11.30am, the rand was at R13.0112 to the dollar from Friday’s R13.0291, at R14.8966 to the euro from R14.9608 and at R17.0111 to the pound from R17.0867.
The euro was at $1.1448 from $1.1473.
The rand earlier reached a best intraday level of R12.9749 to the dollar.