The rand slumped to a 3 month low yesterday as emerging market currencies feel the heat from a high-flying dollar.
The majors inched up against the local unit to open the day at 12.394/$, 17.313/£ and 15.149/€. A strong dollar has brought some much needed relief to the US economy, renewing investor appetite for bonds, however Wall Street woes persist as US equities are in the red.
Back home, a storm is brewing as the Labour legislation grabs the spotlight with calls for an overhaul in public wage structure gaining momentum. The data calendar is light today with SA consumer confidence figures out this morning.
All rates quoted are the interbank rates at time of publishing and shown for indicative purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the amount and product purchased and sold.