BD: Rand tad weaker ahead of action-packed data week
The rand remained a tad weaker at midday on Monday as the dollar recovered some of last week’s losses ahead of an action-packed week in terms of local economic data.
"The rand had a fairly decent end to the week last week managing to pull back some of its recent losses against the developed world markets," Standard Bank trader Warrick Butler said.
On the agenda this week is the release of domestic retail and inflation data, as well as a decision on interest rates.
The Reserve Bank is likely to leave the repo interest rate unchanged at 5.75% when it concludes its three-day meeting on Thursday, according to polled economists.
At 12.01pm, the rand was at R11.8441 against the dollar from Friday’s close of R11.7787.
Against the euro‚ the rand was at R13.5102 from a previous close of R13.4796 and was at R18.5893 against the British pound from R18.5388 on Friday.
The euro was at $1.1406 from a previous close of $1.1443.
