Rand recovers

JOHANNESBURG – The rand recovered at midday yesterday after earlier threatening to weaken to R17/$ in intraday trade. At 11.36am, the rand was trading at 16,7561 against the dollar from a previous close of 16,8500. It earlier weakened to 16,9689/$. Against the euro the rand was at 18,2617 from 18,3475 previously, and 23,9608 against the pound from 24,0210.

The euro was at $1,0898 from a previous close of $1,0926. TreasuryOne head of dealing Wichard Cilliers said the rand was out on its own when compared to other emerging market currencies, which had, in comparison, remained relatively stable since the start of the year.

“Global sentiment will drive trade today, and the rand is expected to have a bias to the weaker side,” he said. The market is eyeing a range of releases this week. – BDLive

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