File picture: Philimon Bulawayo
Johannesburg - The rand recovered against the dollar on Tuesday, but gains were limited as demand for riskier currencies as well as safe-haven commodities waned.

At 5pm, the rand was bid at R13.5776 to the greenback, 3.39c softer than at the same time on Monday. The unit had fallen to a session low of R13.71 before staging a recovery.

“Commodities continue to grind lower, oil and gold specifically, and this is not helping our currency,” Standard Bank chief currency trader, Warrick Butler, wrote in a note.

Read also: Rand gains on weaker greenback bets

Gold fell on Tuesday to its lowest since mid-March as France’s election of centrist Emmanuel Macron as its next president reduced demand for bullion as a safe haven.

Government bonds weakened, and the yield for the benchmark instrument due in 2026 increased.