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Cape Town – The rand surged to R13.58 to the US dollar on Tuesday morning as the dollar remained resilient after gaining ground against a basket of currencies on Monday.
By 08:52 on Tuesday, the local unit was trading at R13.54/$ after weakening 12c shortly after the local open at R13.44. It closed at R13.48 against the greenback in overnight trading in New York.
Other emerging market currencies, including the Turkish lira and Mexican peso, also saw significant declines against the dollar.
By 09:05, the rand was back up at R13.58/$.
“Emerging markets are under pressure this morning. Turkey, Hungary, Poland, Mexico etc all a bit softer this am. The major currencies like EUR and GBP also slightly off,” said Wichard Cilliers, lead currency dealer at TreasuryOne.
He said the rand is trading slightly weaker than the rest because of the liquidity that is available.
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