Rand expected to trade in narrow range ahead of medium-term budget speech
The rand was weaker against the dollar just before midday on Tuesday, and remained under pressure. The local currency started Tuesday at about the R13.68/$ level, and had been trading in a tight range in the late morning. Analysts expect the currency to trade in narrow ranges ahead of Wednesday’s medium-term budget policy statement. TreasuryOne dealer Gerard van der Westhuizen said it seemed like a slippery road ahead for the rand, with it being likely to track higher in the near future as political noise and weaker domestic economic outlook put pressure on it. "The rand should [keep trading] sideways as we build up to the first policy statement under Finance Minister Malusi Gigaba’s reign." At 11.30am‚ the rand was at R13.7426 to the dollar from R13.7043. It was at R16.1565 to the euro from R16.1063 and at R18.1023 to the pound from R18.0880. The euro was at $1.1756 from $1.1753.
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