Rand regains some lost ground after wild week of fluctuation

The rand was a little stronger on Friday morning, after another wild week for the local currency.

The rand held its own for the better part of the week, before unravelling late on Thursday as the dollar flexed its muscles against a basket of currencies.

Several factors have weighed on risk sentiment this week, including the release of minutes of the US Federal Reserve’s most recent meeting, which the markets interpreted as leaning towards more increases in interest rates.

“Sentiment across the globe has remained cautious at best this week but all things considered, I think investors will be heading into the weekend somewhat relieved,” Oanda senior market analyst Craig Erlam said.

Asian share markets were higher, shaking off early losses, which coincided with  data showing that Chinese GDP grew at a lower rate in the second quarter, relative to market expectations. China is the world’s second-largest economy and the top consumer of mineral resources, which SA produces.