Rand tries to recover but cannot break below R13.50
The rand was slightly firmer against the dollar just before midday on Wednesday, as it repeatedly attempted to stage its recovery from previous sessions’ lows.
The rand broke through the R13.528 level a number of times, but could not hold onto the gains after reaching an intraday best level of R13.5096 to the greenback.
The currency suffered a mild blow after President Jacob Zuma changed six of his Cabinet ministers on Tuesday in his second Cabinet reshuffle in 2017, although the currency’s losses were not as sharp as with previous reshuffles.
Momentum SP Reid analysts said while there was lack of clear evidence about a new target level for the rand, the technical adjustment of the past two sessions edged the overall bias for the domestic unit in the direction of weakness.
Nedbank analysts expect the rand to trade between R13.45/$ and 13.75/$ today.
At 11.30am‚ the rand was at R13.5281 to the dollar from R13.5765, at R15.9665 to the euro from R16.0108 and at R17.7955 to the pound from R17.9175.
The euro was at $1.1802 from $1.1794.