OWN CORRESPONDENT, Johannesburg | Monday 11.15am.
THE rand weakened in trade on Monday on worries about the United Nations’s withdrawal from the Zimbabwean election process at the weekend, while markets ended sharply up off the back of this week’s futures close out.
By 5pm the currency was trading at R7,03 to the dollar. The all-share finished 1,19% up with all counters looking good.
Financials ended 1,41% in positive territory, with industrials 0,88% good. Gold shares finished the day 1,56% up.
The currency weakened after the UN decided to withdraw its election team when Harare appeared to downgraded its role to that of observer. The UN was to co-ordinated election observers in the country.
Zimbabwean President Robert Mugabe accused the UN at a weekend rally of trying to hijack monitoring of the June 24-25 elections.
Forex traders said they are seeing mainly local dollar buyers at the opening and said the rand is likely to test Friday’s weakest level of R7,06 to the dollar during the day.