MARKET WRAP: Rand under pressure in thin trade

The rand ended off its intraday worst level on Monday, having lost the most in more than a week in exaggerated moves in a thin market with US markets closed for the Martin Luther King Day holiday.

The local currency fell as much as 1.6% in intraday trading, touching its weakest level of R17.12/$ as a “lack of liquidity with the US being out of the market putting the rand under pressure,” said TreasuryONE chief dealer Wichard Cilliers. ..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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