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Rand weaker as dollar and euro rally

Currencies
Johannesburg - The rand retreated on Tuesday as the global demand for risk currencies eased and technical factors weighed on the local currency.

At 5pm, the rand had weakened 0.6 percent to R13.0823 to the dollar from a Monday close of R13.0175 in New York.

The rand touched its firmest level since March 30 in the previous session, rallying as far R12.88 before pulling back as the greenback and the euro rallied following first round results of the French election.

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South African Rand coins are seen in this photo illustration

Traders also said technical resistance around R12.95 had seen selling out of the rand as investors covered short positions.

Read also: #TheRand breaks through R13

Last week the rand shook off political concerns following credit downgrades to junk by two ratings agencies triggered by President Jacob Zuma’s sudden axing of the finance minister, to gain about 2 percent.

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