The rand continued to weaken on Monday, and had broken through the R13.70 level just before midday. The rand traded at R13.67/$ at 6.50am, weakened to R13.77/$ in a volatile morning session and then regained some of its losses. Analysts expect the rand to weaken further, ahead of the tabling of the medium-term budget policy statement on Wednesday. TreasuryOne currency dealer Gerard van der Westhuizen said that Finance Minister Malusi Gigaba had a tough task ahead this week as rating agencies would be on the lookout for any danger signs, as fiscal slippage was expected. "Rand bulls might have a difficult week ahead and imports should keep looking to buy on dips in the local currency." At 11.30am‚ the rand was at R13.7220 to the dollar from R13.6802. It was at R16.1198 to the euro from R16.0905 and at R18.0819 to the pound from R18.0346. The euro was at $1.1747 from $1.1761.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.