Johannesburg - The rand was weaker across the board on Tuesday at midday as emerging markets feel the effect of North Korea’s nuclear test.
“We’ve seen quite a deterioration this morning‚” said Ockert van Niekerk head of trading at PSG. “The rand/dollar is pretty steady now‚ but the nuclear test hasn’t boded well for emerging markets.”
At 11:35 the rand was bid at R8.9789/$ from Monday’s close of R8.9074/$ and Friday’s close of R8.8693/$. The local currency was bid at R12.0270/€ from its previous close of R11.9319/€ and at R13.9956 against sterling from R13.9348 before.
The euro was bid at $1.3397 from Monday’s close of $1.3401.
RMB noted this morning that ongoing weakness in the Australian dollar could also threaten to drag the rand lower against the dollar.
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