Rand weakens against US dollar

The rand has weakened by around 1.5 % against the US dollar in early JSE trade.

This comes during the US Presidential Election when the dollar is acting as a safe-haven currency due to uncertainty.

A stronger dollar usually weakens emerging markets currencies such as the rand.

The rand has weakened from its strongest level in eight months and is currently trading at R16.33 against the dollar and R19.05 to the euro.

The stronger dollar has also weakened commodities, with gold currently trading around 1 % weaker at 1895 dollars per ounce.

SABC

%d bloggers like this: