WEDNESDAY, 12.30PM
The rand held on to the key R4,50 to the dollar rate on Tuesday despite fears of another slide due to impending relaxation of foreign exchange controls.
The currency hit a four-month low on Monday on fears of capital flight precipitated by lifting of forex controls, which in turn led to concern that there would be another run on the rand.
The rand ended Tuesday slightly weaker at R4,025 against Monday’s R4,015, and dealers expect it to trade in a tight range between R4,50 and R4,51 for the rest of the week.