In early trade the rand was at R18.35 to the dollar.
The rand was weaker in early trade on Tuesday as global growth concerns rose on weaker Chinese trade data and local worries of meeting fiscal targets. At 0701 GMT, the rand traded at R18.35 against the dollar. The dollar last traded around 0.2% stronger against a basket of global currencies.
The rand’s rally last week on the back of improved risk sentiment was “tempered somewhat by weaker Chinese trade data and a bounce in the Dollar,” Andre Cilliers, currency strategist at TreasuryONE, said. Ratings agency Fitch on Monday also raised concerns over South Africa’s rolling power cuts, rail freight challenges and ability to meet fiscal targets announced in the mid-term budget last week.
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