JOHANNESBURG - The rand weakened to a three-week low against the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency traded weaker, breaching the R14/$ level again, amid fears that the US-China trade war truce in jeopardy after the arrest of Chinese telecoms giant Huawei’s CFO in Canada due to her alleged involvement in violating US sanctions against Iran. On the data front, slightly weaker-than-expected South African current account data also weighed on the rand. At the close of local trade, the rand quoted 1.9 percent weaker at R14.18/$, after trading in the range of R13.84/$ - R14.20/$. The rand traded slightly stronger overnight. Expected range today R13.80/$ - R14.20/$.
South African bourse