Rand Position Improves
As per recent reports, it has been found that after witnessing a knee-jerk reaction, the rand position has improved against the dollar. Initially, the currency saw a drop to R10.58.
To talk about the position of rand when the market got closed on Thursday, it was at R10.3624 to the dollar. When compared with the euro, the rand was found to be at R14.1500 and was R16.9225 against the pound.
Bidvest Bank currency trader Ion de Vleeschauwer was of the view that due to the release of the unemployment data, the demand of dollar witnessed a rise. But now things have become normal and the rand has received the strong support at R10.50 to the dollar.
He continued by affirming that it is very important that the maintains the above mentioned level, as if it goes down from this level than the current will test its five-year low of R10.50.
To talk about the impact of Mandela's death on the currency, Mohammed Nalla from Nedbank Capital was of the view that there is no doubt that it is an upsetting day. "But the expected impact on the rand is likely to be benign. The market has matured in its expectations of his death", he affirmed.
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