Rand weakens in volatile trade

The rand was slightly weaker against the dollar on Tuesday afternoon, in volatile trade.

The local currency weakened to R13.71 to the dollar in earlier sessions, but improved to R13.58 in intraday trade.

Local political uncertainty and a ratings review by ratings agency Moody’s were the main risks the rand was facing.

In April‚ Fitch Ratings and S&P Global Ratings downgraded SA’s debt to “junk” status after President Jacob Zuma fired Pravin Gordhan as the finance minister in a Cabinet reshuffle.

Moody’s was expected to visit SA in May, before announcing its country rating in the weeks thereafter.

At 3.33pm‚ the rand was at R13.6367 to the dollar from Monday’s R13.6135‚ at R14.8489 to the euro from R14.8805 and at R17.6230 to pound from R17.6191.

The euro was at $1.0889 from $1.0931.

By Reitumetse Pitso for www.businesslive.co.za

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