Rand softer as dollar hits two-week high
Forex and bonds
THE RAND weakened against the dollar yesterday as the greenback rose on expectations that US interest rates would rise soon, adding pressure on the currency which has been knocked by concerns over the finance minister’s future.
At 5pm, the local currency was bid at R14.4148 to the dollar, 35.07c softer than at the same time on Friday.
Against a basket of major currencies, the greenback hit its highest in nearly two weeks after senior Federal Reserve officials bolstered expectations that US interest rates would rise soon.
Traders also said the rand was weighed down by lingering uncertainty over whether Finance Minister Pravin Gordhan faced arrest following an investigation by the elite police unit Hawks.