The rand reversed earlier losses on the dollar to trade stronger on Wednesday afternoon.
The rand began the day at about R12.48 to the dollar‚ before recovering to R12.35. The slight dip occurred despite the dollar weakening against the euro and other currencies on uncertainty over future interest-rate decisions.
The dollar reached a three-month low against the euro on Tuesday‚ as rising commodity prices and healthy manufacturing data in Asia and Europe buoyed emerging markets‚ in particular.
At 3pm‚ the rand was at R12.3765 to the dollar from R12.4623‚ at R14.8785 to the euro from R15.025‚ and at R16.7882 to the pound from R16.9398.
The euro was at $1.2022 from $1.2058. It earlier reached a best level of $1.2066.
by Yanda Ntsaluba – BusinessLIVE
