Johannesburg – The rand regained some of its earlier losses on Tuesday afternoon as the ANC confirmed its leadership in Mangaung.
“The confirmation of the ANC leadership caused the rand to strengthen from its previous weak level earlier today. This creates stability in the market‚” said Vunani Private Clients global market analyst Kuziva Muganiwa.
At 3.41‚ the rand was bid at R8.5456/$ from its previous close of R8.5218/$. The local currency was bid at R11.2635/€ from its previous close of R11.2135/€ and at R13.8479/£ from R13.8032/£ before.
The euro was bid at $1.3181 from Monday’s close of $1.3160.
“Because of position squaring‚ in preparation for the upcoming holidays‚ the liquidity levels will reduce and thus we are expecting to see some jumps in the rand for no reason as you have fewer players who could swing the market in any direction‚” Muganiwa said.
Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.