Beleaguered rand inches towards R14/$ mark

THE rand inched towards the R14 to the dollar level at midday on Monday as weaker sentiment across commodity and emerging market currencies continued.\r\n\r\nThe rand is being hammered from all sides, ranging from low commodity prices and tanking Chinese growth to probable higher US rates and a sluggish local economy.\r\n\r\nAnalysts expect the local currency to weaken past R14/$ soon as there are a lack of factors which could support the local currency. It plumbed a fresh all-time low against the greenback on Monday morning of R13.9765.\r\n\r\nAt 11.95am the rand was at R13.9568 from Friday’s close of R13.8642. The rand was at R15.5827 against the euro from R15.4782 and was at R21.3040 against the British pound from Friday’s close of R21.0486.\r\n\r\nThe euro was $1.1165 from $1.1163.\r\n\r\nThe rand surpassed its previous record low of R13.85/$ on Friday after US non-farm data supported US interest rate hikes this year.