Rand weakens above R14/$ as mining production disappoints

The rand weakened back above R14 to the dollar on Thursday afternoon, despite a sense of optimism in global markets.

Investor focus is on the US Federal Reserve monetary policy announcement at about 9pm local time, although the world’s most influential central bank is not expected to raise interest rates.

At 2pm, the rand was 0.77% softer against the dollar at R14.007, down 0.65% to the euro at R15.9832, and 0.56% to the pound at R18.3528. The euro had lost 0.13% to $1.1411.

The US mid-term election on Tuesday has benefited risk assets, with analysts citing the reduced risk of US President Donald Trump pushing a policy agenda that could rattle markets, analysts have said.

Source: businesslive.co.za