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JOHANNESBURG. — The rand was weaker at the start of a new week that will likely be dominated by the outcome of the US Federal Reserve meeting tomorrow. Standard Bank trader Warrick Butler said while he didn’t expect the US central bank to hike interest rates this week, he would be looking for more clarity on the timing of the lift-off.
The rand slid to fresh multi-year lows against the dollar on Friday amid a broad weakness in commodity currencies such as the Australian dollar following weaker manufacturing data from China -a top commodity producer.
At 8.58am the rand was at 12,64 to the dollar from a previous close of 12,6207. The rand was at 13,9426 against the euro from a previous close of 13,8584 and at 19,6307 to the British pound from 19,5798 previously.
The euro was at $1,1028 from its previous close of $1,0981. — BDLive.
Online Reporter