The rand remained firmer to the dollar on Thursday afternoon‚ albeit off earlier firmer levels‚ in the first day of trade following the ANC’s national conference.
On Wednesday‚ the rand hit a best level of R12.57 to the dollar as the ANC wrapped things up. By the close‚ however‚ it had fallen to R12.74. The rather sudden drop came after the shock announcement that the party had endorsed a resolution to allow land expropriation without compensation.
Despite the rand’s unofficial blessing for Deputy President Cyril Ramaphosa’s election as the new party president‚ the more contentious policy proposals that emerged from the conference could keep gains in check.
The implementation‚ or not‚ of these policies will determine the currency’s direction in future‚ analysts believe.
At 3pm‚ the rand was at R12.725 to the dollar from R12.7452‚ after earlier weakening to R12.78. It was at R15.0943 to the euro from R15.1315 and at R16.9943 to the pound from R17.0367.
The euro was at $1.1861 from $1.1872.
Uncertainty around ANC policies keep rand off best levels
Image: Stock Photo
The rand remained firmer to the dollar on Thursday afternoon‚ albeit off earlier firmer levels‚ in the first day of trade following the ANC’s national conference.
On Wednesday‚ the rand hit a best level of R12.57 to the dollar as the ANC wrapped things up. By the close‚ however‚ it had fallen to R12.74. The rather sudden drop came after the shock announcement that the party had endorsed a resolution to allow land expropriation without compensation.
Despite the rand’s unofficial blessing for Deputy President Cyril Ramaphosa’s election as the new party president‚ the more contentious policy proposals that emerged from the conference could keep gains in check.
The implementation‚ or not‚ of these policies will determine the currency’s direction in future‚ analysts believe.
At 3pm‚ the rand was at R12.725 to the dollar from R12.7452‚ after earlier weakening to R12.78. It was at R15.0943 to the euro from R15.1315 and at R16.9943 to the pound from R17.0367.
The euro was at $1.1861 from $1.1872.
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