The rand retreated slightly from a near six-week best in early trade on Wednesday as investor caution prevailed due to US-Europe trade disagreements and the International Monetary Fund’s downgrade of its global economic outlook.
At 0841 GMT, the rand traded at R14.0300 per dollar, 0.41% firmer than its New York close on Tuesday.
“The rand is once again trading positively, but it has again failed to test the R14.0000 level after having traded to R14.0100; demand for dollars saw it trade weaker into the local close,” Nedbank analysts said in a note.
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