TUESDAY, 10.30AM
The rand weakened to over R4,50 to the dollar on Monday, nearly 2c down on Friday’s close and its lowest level since February 5.
The poressure on the local currency comes amid jitters causee by the imminent relaxation of foreign exchange controls. Market analysts believe the rand’s move above R4,50/dollar could see it set a new trading range between R4,50 and R4,60 and it will remain under pressure until after important forex announcements in July.