Firmer dollar, weaker gold hurt rand
THE RAND weakened yesterday, sliding as much as 1 percent at one stage as a firmer dollar and lower commodity prices hurt the currency.
At 5pm, the rand was bid at R13.4913 to the dollar, 4.56c softer than at the same time on Tuesday, steadying late in the session having sunk to a session low of R13.605 as investors sold off the unit after consumer prices rose for the fourth month in row.
Gold fell from the previous day’s eight-week high as promising economic data from the US drew fresh flows into the greenback, lifting the dollar index 0.2 percent in the session.
South African inflation accelerated to 6.8 percent yearon-year in December, beating market expectations.
In fixed income bonds weakened, with the yield on the benchmark 2026 issue rising.