Rand firms a little after previous session’s selloff
Analysts said the local currency has managed to resist a break above R17/$ after dismal GDP numbers, with all eyes now on the ECB
The rand was on track to break a two-day losing streak on Wednesday, recovering from the previous session’s selloff after data showed that SA’s economic collapse in the second quarter was worse than feared.
The rand was volatile, earlier weakening to as much as R17/$, but has found some resistance at this level, said TreasuryONE senior dealer Andre Botha. Further strength in the dollar could see the rand break decisively past R17/$, in which case it could test R17.25, he said.