The rand was slightly stronger on Tuesday morning‚ partly reflecting a weaker dollar environment.
The local currency was at R13.16 to the dollar in early trade‚ slightly stronger than Monday’s intraday levels.
Analysts have said the gathering of top central bankers at Jackson Hole in the US later in the week could nudge the markets out of their current ranges.
US Federal Reserve chairwoman Janet Yellen and European Central Bank president Mario Draghi are attending the annual symposium‚ which starts on Thursday.
‘The market may be under-appreciating the Fed’s resolve‚ and the weaker dollar and easier financial condition add to the pressure for it to act‚” said Marc Chandler‚ global head of currency strategy at Brown Brothers Harriman.
Persistently low inflationary pressures in the US are seen as potential stumbling blocks for the Fed to raise interest rates.
Higher rates in the US are likely to reduce the appeal of emerging-market debt.
At 9.04am‚ the rand was at R13.1547 to the dollar from R13.1713‚ at R15.5087 to the euro from R15.5627‚ and at R16.9318 to the pound from R16.9919.
The euro was at $1.1790 from $1.1815.
by Andries Mahlangu – BusinessLIVE
