Headwinds for the rand blowing quite strongly
The rand dropped to its weakest level versus the dollar in about two months as global risk sentiment worsened. Greece is still the main focal point for investors as the debt-ridden country races to meet its financial obligations before the deadline on Friday.The volatile domestic currency fell to session lows of R12.3462 to the dollar‚ the weakest level since March 19 and weakened materially against the British pound and the euro.“The headwinds for the rand are blowing quite strongly. The real problem is that this is in the face of the weaker dollar on global markets‚” Bidvest Bank chief currency dealer Ion de Vleeschauwer said.At 11.31am‚ the rand was at R12.3178 against the dollar from Monday’s close of R12.2694.The local unit traded at R13.5068 against the euro from a previous R13.4016 and was at R18.7722 against the British pound from R18.6486 previously.The euro was at $1.0966 against the dollar from a Monday close of $1.0924.Investors will later in the day also keep an eye on US factory order data‚ while marking time ahead of the sovereign credit rating by Fitch and US nonfarm payrolls data — both due on Friday. - RDM News Wire, BDlive..
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