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‘Global economic, political factors lowered appetite for emerging currencies’

The local currency lost more than 1% of its value against the dollar on Tuesday.

Picture: EWN.

JOHANNESBURG - Analysts say global economic and political factors have lowered appetite for emerging market currencies - including the rand.

The local currency lost more than 1% of its value against the dollar on Tuesday.

It is now hovering around R13.65 against the greenback.

Emmanuel Macron’s landslide victory in Sunday's French presidential election has led to an increase in appetite for the dollar and euro.

Macron’s win calmed fears that the country would leave the European Union much like Britain.

Gary Booysen, Portfolio manager at Rand Swiss, says local and global uncertainties will keep the rand volatile.

“We’ve seen commodities markets weakening markets slightly which is not good for the local currency."

The rand has struggled to break below 13 to the dollar – a level last seen before the recall of then Finance Pravin Gordhan from an international roadshow and the subsequent cabinet reshuffle.

These moves by President Jacob Zuma sent equity and currency markets into a tail spin.

(Edited by Winnie Theletsane)