DURBAN – The rand traded at a relatively low R14.60 on Wednesday, a factor the analysts attributed to emerging market stocks rallying.
Treasury partner at Peregrine Treasury Solutions Bianca Botes said the domestic currency raced to the R14.60s level as emerging market stocks rallied.
“After breaking below R14.70/$ on Tuesday, the rand quickly made its way to levels in the low R14.60s as emerging market stocks rallied,” said Botes
At 5pm the domestic currency was bid 5c weaker than the same time bid on Tuesday at R14.64 against the dollar. Against the pound it was 9c weaker at R18.86 and bid at R16.28 to the euro.
Botes said said the consumer price index data would assist in setting the tone for the SA Reserve Bank’s interest rate decision in November, while the data calendar was on the light side for the rest of the world.