CAPE TOWN: The rand was under pressure in late trade on Monday as worries over the Greece debt crisis scaled down investor appetite for emerging-market currencies, deemed riskier plays. At 4.13pm the rand was at R12.1303 against the dollar from a previous close of R12.0428.
Against the euro the rand traded at R13.0333 from its previous close of R13.0315 and at R18.0785 against the British pound from a previous close of R18.0179. The euro was also weaker, fetching at $1.0745 to the dollar from an overnight close of $1.0821. Demand for the dollar rose on Monday, pressuring most emerging-market currencies, especially Russia’s rouble, as investors opted for safer bets.
“Locally, the negative issues around the xenophobic attacks are adding to the sell-off of the rand,” said Mr da Camara. He added that a close weaker than R12.10/$ would make the rand vulnerable to further pressure.
