The rand was firmer against the dollar on Thursday just before midday, retracing from weaker levels seen earlier.The rand weakened against the dollar on the ANC’s endorsement of a resolution to change the Constitution, to allow land expropriation without compensation.The rand had firmed to R12.57/$ on positive sentiment on Wednesday evening as a result of the ANC’s national conference but weakened to R12.72/$ shortly after the announcement about land expropriation.The market had welcomed the election of Deputy President Cyril Ramaphosa as the ANC’s new president, with the ratings agencies being cautiously optimistic about the new leadership.However, analysts said it was the policy proposals that emerged from the conference that would determine the rand’s trend in future.At 11.35 am the rand was at R12.7027 to the dollar from R12.7452‚ at R15.0939 to the euro from R15.1315 and at R17.0014 to the pound from R17.0367.The euro was at $1.881 from $1.1872.
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.