Anxiety over elections has rand traders on edge
The rand remains stuck in a tight range as the elections begin
08 May 2019 - 19:20
Ahead of the country’s sixth general elections of the democratic era, the rand was stuck in a tight range, ignoring turmoil in Turkey’s markets, as traders waited to see what the results will signal for President Cyril Ramaphosa’s reform drive. SA’s currency gained 0.2% to R14.4421/$ by 5.28pm on Tuesday. It was down 0.6% from its close on Friday. The rand gained 0.3% to R16.1571/€ and was 0.5% stronger at R18.8451/£. The currency has given up recent gains that pushed it below R15/$ in April. Since reaching a 2019 high of R13.2362, it has dropped about 9%.
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