South Africa’s rand weakens as rally for riskier assets pauses

Johannesburg, South Africa (Capital Markets in Africa) – South Africa’s rand weakened more than one percent to the dollar on Tuesday, softening to a one week low of 12.2300 per greenback as a recent rally for riskier assets petered out.

According to one trader, technical factors were also beginning to filter through with the 12.30 support level in sight, putting some strain on the dollar rand cross.