The rand held steady against the dollar on Tuesday just before midday, as the tension between the US and North Korea continued to drive market volatility. Markets are jittery following threats of war exchanged between US President Donald Trump and North Korea’s foreign minister Ri Yong-ho. The local currency, however, has maintained its resilience against the dollar since the Reserve Bank announced it would keep interest rates on hold. Nedbank analyst Reezwana Sumad said markets would continue to react in the near term to the surprise decision. Sumad said that markets were firmly in the grip of the renewed tension between North Korea and the US, and any developments were likely to provide the catalyst for market activity. At 11.30am‚ the rand was at R13.2984 to the dollar from R13.3282‚ at R15.7203 to the euro from R15.7927 and at R17.9204 to the pound from R17.9543. The euro was at $1.1819 from $1.1849.
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