Rand weaker after disappointing retail sales figures

The rand was weaker against major global currencies on Wednesday afternoon, faring worst against the pound, weighed down by disappointing local factors.

Load-shedding continues to dampen sentiment, analysts said, while earlier economic data underscored the fragile state of SA’s economy.

Retail sales in December contracted 1.4% year-on-year, well below the consensus expectation of 2.7% growth.

At 2.15pm, the rand was 0.65% weaker at R13.8598/$; 0.63% softer at R15.6962/€; and 0.9% lower at R17.9119/£. The euro was flat at $1.1325.