Rand weakens ahead of Group of 20 meeting
The rand's liquidity makes it suffer more than its emerging-market peers when global markets turn anxious
The rand was nervous on Friday morning ahead of the Group of 20 (G20) meeting in Argentina, oscillating wildly in a generally weaker trend, trading at R13.72/$, R15.62/€ and R17.53/£ at 9.50am. The fate of the rand and other emerging-market currencies in the coming days rests on this weekend's talks between US President Donald Trump and Chinese President Xi Jinping, which will hopefully result in an announcement they are ending their tit-for-tat trade war.
The jitters ahead of G20 meeting saw the rand weaken from the R13.60/$ level reached on Thursday. Bloomberg reported that the rand enjoyed its best November this year in three decades. Its more than 7% gain in November, however, did not match last December's “Ramaphoria” rally in which it gained nearly 10%.