JOHANNESBURG. — The rand was weaker against the dollar yesterday morning in the face of competing global forces. On Tuesday, UK Prime Minister Theresa May called for a general election for June as an attempt to strengthen plans to provide her with a more enforceable mandate to make Brexit a success. Markets have also been focused on the upcoming French presidential elections. The first round of the elections will be held on April 23.
TreasuryOne currency dealer Phillip Pearce said the “competing global narratives”, where risk aversion was coupled with dollar weakness, would make it possible for the rand to move either way, depending on the dominating factor.
At 09.01am‚ the rand was at 13,3453 to the dollar from Tuesday’s 13,2952 and at 14,3102 to the euro from 14,2689 and at 17,1151 to the pound from 17,0744. The euro was at $1,0723 from $1,0732. — BDLive.