adminTHE rand’s recovery faltered on Wednesday, with corporate demand for the dollar pushing the domestic currency to R10.70/$ at midday. “It is going to be tough for the rand to maintain its strength in light of strong corporate demand for the dollar and other major currencies,” Bidvest Bank chief currency dealer Ion de Vleeschauwer said.
The rand earlier touched R10.6494/$ amid optimism of an end to the strike in the metals and engineering sectors.
Also on the agenda on Wednesday night is the release of the minutes from the US Federal Reserve’s meeting last month, which holds significance for the dollar and the rand.
At 12.17pm, the rand was at R10.6919 to the dollar from its previous close of R10.6756 on Tuesday.
Against the euro‚ the rand was at R14.5531 from its previous close of R14.5292 and was at R18.2995 against the pound from R18.2777 previously.
The euro was at $1.3611 from $1.3612 previously. — Business Day.
Online Reporter