Rand holds the line amid global tensions and local issues
JOHANNESBURG – The rand has held the line over the past month amid global trade and conflict tension and despite an economy under pressure with continued Eskom rolling black-outs.
The rand traded close to the R14.50 to the dollar level yesterday before recovering to R14.40 as the US consumer price index was below market expectations and US Treasury yields went lower in trade.
On Wednesday by 5pm it traded at R14.3421 to the dollar, up 5 cents from the same period on Tuesday.
In the past seven days the rand has gained 1.35 percent and is now back, a bit stronger than the levels it was at 30 days ago.
The currency’s stable performance has given credence to speculation that Reserve Bank governor Lesetja Kganyago will maintain the repo rate steady today when he announces the first decision of the Monetary Policy Committee this year.
Source: iol.co.za