FRIDAY, 10.30AM
The rand weakened only slightly yesterday in the face of high demand for foreign currency following the sale of Swaziland-based Lonrho Sugar to Illovo Sugar.
As the sale went through local currency markets, the rand was helped by a weaker dollar and continued strong foreign investment demand. Reserve bank vigilance also played a role.
The fact that the local currency passed a major test in only losing 2c against the dollar yesterday. The rand fell from the previous close of R4,4555, before staging a minor comeback. The slightly weaker rand put the bond market under some pressure, pushing the key R150 long-bond close to 15%.