Rand weaker as investor caution sets in

THE RAND weakened against the dollar yesterday, with investor caution over a political row involving the finance minister hanging over the markets.

At 5pm, the rand was bid at R14.4722 to the dollar, 5.74c softer than at the same time on Monday, marking its ninth consecutive daily loss after falling to R14.494 earlier.

The local unit fell in line with most emerging markets after the dollar was boosted by expectations of the Federal Reserve raising US interest rates this year as attention turned to payrolls data coming out later this week.

Investors were wary as the rand continued to dip after the ANC renewed its support for Finance Minister Pravin Gordhan, but added that ministers should obey police summons issued during investigations.