Johannesburg – The rand weakened on Tuesday afternoon as traders eyed local inflation data for direction.
“We saw some local data (retail sales) which was worse than expected but it had no or very little impact on local markets. We are looking forward to tomorrow’s inflation data‚” said Viv Govender‚ a market analyst from Vunani Capital.
At 15:17‚ the rand was bid at R8.6800/$ from Monday’s close of R8.6679. The local currency was bid at R11.2741/€ from its previous close of R11.2120 and at R13.9551 against sterling from R13.9196 before.
The euro was bid at $1.2991 from Monday’s close of $1.2935.
“The rand is approaching a strong ’business level’. We haven’t been able to break the R8.60 level since October this year. If we go through that level we could see the rand strengthen to as much as R8.200 against the dollar‚” Govender said.