Johannesburg - The rand edged lower on Monday, weighed down by renewed fears of a cabinet reshuffle ahead of Finance Minister Pravin Gordhan’s budget speech on Wednesday.
At 5pm, the rand was bid at R13.0594 to the dollar, 2.65c softer than at the same time on Friday, as stronger commodity prices and investors seeking higher rewards lifted demand for emerging currencies.
However, there was caution in the market ahead of speeches by US Federal Reserve policymakers due later this week, with investors awaiting further clues on the timing of US interest rate hikes.
Gordhan is expected to announce plans to lower the fiscal deficit, including new taxes to plug a revenue shortfall caused by low economic growth.
Meanwhile, bonds were also weaker yesterday.