DURBAN – The rand closed marginally weaker than the last session against the dollar after the domestic session opened with the rand trading in the low 14.60s.
Nedbank CIB research analyst Reezwana Sumad said Wednesday’s improved levels in the rand proved attractive to greenback buyers and saw the rand weaken to R14.71 on the day before recovering lost ground hovering around the low R14.60s to the dollar later in the day.
At 5pm the domestic currency was bid 4c weaker than the same time bid on Wednesday at R14.68 against the dollar. Against the pound it was 3c stronger at R18.83 and bid at R16.30 to the euro.
Sumad said the international markets were again subdued. “The pound was also range-bound versus the dollar, but this morning, it managed recover lost ground. Gold has held steady over the most recent sessions,” said Sumad.
She said the technical formation for an attempt on R14.40 a dollar remained intact.