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South Africa’s rand weakened on Monday

By on January 8, 2018

This monday morning the rand was 0.4 percent weaker at 12.3525 per dollar compared to a close of 12.3050 in New York Friday.

The rand has seen volatile trade in the first week of the year after a stellar 2017 that saw it rack up gains of 11 percent against the greenback.

Persistent rumours that President Jacob Zuma could be forced to step down before his term ends in 2019 supported some short term gains in the rand, but the rally stalled in the face of technical barriers and economic fundamentals.

Bonds traded firmer with yield on the benchmark paper due in 2026 down 1.5 basis points at 8.55 percent.

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