JOHANNESBURG. – The rand was weaker at midday yesterday as the dollar strengthened, with analysts warning there is little to support the local currency at present. At 11.29am the rand was at 12,8881 against the dollar from a previous close of 12,8246. Against the euro the rand was at 14,3124 from a previous close of 14,2610. Against the pound‚ the rand was at 20,1533 from 20,0788.
The euro was at $1,1105 from $1,1122. Although analysts say this week could be quieter on the foreign exchange markets after a tumultuous week last week, the rand remains vulnerable and could cross 13 rand to the dollar for the first time in 14 years. The rand is now struggling to appreciate below 20 rand to the pound.
Bidvest Bank treasury head Ion de Vleeschauwer said the rand lost more than 2,5 percent against the euro and pound last week.
“It highlighted the broad-based nature of rand losses, which is very concerning.” – BDLive.