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Johannesburg. – The rand was slightly weaker yesterday afternoon, but off its worst levels, as negative sentiment related to SA’s forthcoming credit-review decisions, and event-risk related to Zimbabwe, cast a shadow over the market. At 3pm, the rand was at R14,0811 to the dollar from R14,0438, at R16,4995 to the euro from R16,4766 and at R18,6537 to the pound fromR18,5810.

The rand is expected to trade in tight ranges this week ahead of the decisions by ratings agencies S&P Global and Moody’s, and so far has been largely unaffected by the ongoing political battle to remove Zimbabwean President Robert Mugabe.

Efforts to impeach Mugabe were under wayyesterday, with analysts warning that should the situation turn violent, the local unit may come under some pressure.

The developing situation was not all good news, and the South African Development Community (SADC) was against recognising any party that seized control through a coup d’état, said FXTM research analyst Lukman Otunuga. – Reuters.