Rand slips amid tightly contested US election
The local currency lost more than 2% in morning trade, dropping the most in a month with the dollar rebounding from a one-week low
BL PREMIUM
04 November 2020 – 12:24
The rand weakened as much as 2% in mid-morning trade on Wednesday, on course to end a three-day winning streak, following in the footsteps of other emerging-market currencies as a tight US presidential election potentially leaves the outcome in doubt for days.
The rand has been in demand in recent days, breaking below the R16/$ level for the first time since March on Tuesday, as investors bet a win by Democratic contender Joe Biden would ease political risk, take a freer approach to international trade and put pressure on the dollar with a larger Covid-19 economic stimulus package.
Source: businesslive.co.za