The rand was weaker against major global currencies on Tuesday afternoon, as pressure eased on the dollar due to abating concerns over global economic growth. The local unit was faring worst against the pound, which was firmer despite Brexit uncertainty. The UK parliament voted overnight to take over the Brexit process from UK Prime Minister Theresa May, who has managed to hold onto her position. A series of votes on Brexit is now expected on Wednesday. Analysts said this outcome had decreased the chances of a hard-Brexit. Parliament was known to favour a soft Brexit and that it opposes no deal, said Oanda analyst Craig Erlam. “Perhaps Wednesday will throw up a few surprises but, like many other votes we’ve seen, it could also easily achieve very little and still leave all options on the table” Emerging-market currencies were slightly weaker on Tuesday, with analysts citing stability in the dollar, as market concerns regarding faltering global growth abate a little. At 2.15pm, the r...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now