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Rand continues to weaken as dollar gains strength

The local currency had been trading in a tight range since January following changes to the country's political leadership but has now fallen due to a few factors.

Picture: EWN

JOHANNESBURG – The rand has continued to bear the brunt of the recent dollar strength, falling by around 2% since last week.

The local currency had been trading in a tight range since January following changes to the country's political leadership but has now fallen due to a few factors.

The rand hit R11.92 to the dollar exactly a week ago but has slipped since, trading at R12.39 at one point.

This is a three-month low against the dollar, with traders saying that it comes on the back of renewed strength by the greenback.

Some analysts say the rand is possibly starting to reverse the strengthening trend seen since mid-November last year.

They say the local currency was boosted by the election of President Cyril Ramaphosa after a period of political volatility.

However, they say that apart from this, the rand is not alone as several emerging market currencies have been affected by a stronger dollar.

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