The rand was weaker against the dollar, which gained some ground on Friday, just after midday. The local currency renewed its weakening trend overnight after it showed signs of stabilising after President Jacob Zuma made changes to his Cabinet on Tuesday. On the day, the rand closed 0.58% weaker, at R13.39/$. Political uncertainty in ensuing sessions resulted in the rand’s weakening to R13.58/$ on Wednesday, but it showed signs of recovery thereafter. However, in overnight trade on Thursday, the currency opened weaker and tested the R13.70/$ level. TreasuryOne currency dealer Phillip Pearce said the dollar strengthened on the latest developments in the US that have rekindled optimism about possible tax cuts, which have resulted in US treasuries and emerging-market currencies weakening. Pearce said that the dollar would continue to put pressure on the rand should the market remain optimistic about the tax reform news. At 12.04am‚ the rand was at R13.6970 to the dollar from R13.5661. ...
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