The rand was weaker on Wednesday afternoon as the dollar regained some lost ground against the euro, with further rand weakness expected over the short term. The rand rose to a two-and-a-half year best level, of R12.19/$, on Tuesday, but the momentum fizzled out as the dollar came off its worst levels of late to the euro. The greenback has been on a weakening trend to the euro since the beginning of 2018. The market is also awaiting new developments on the local political front. The ANC national executive committee begins a two-day meeting on Thursday, with speculation the issue of the future of President Jacob Zuma’s position in government could be discussed. "The rand is likely to exhibit some weakness in the next session or two," analysts at Momentum SP Reid said. The dollar was now exceptionally oversold in the very short term and could record marginal gains, Momentum said. The rand has gained 0.4% against the dollar in 2018, and gained 9.87% in 2017. At 3.01pm the rand was at R...
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.