The rand hits a new a high against the dollar

The rand weakened to a fresh high against the dollar on Tuesday morning as concerns about China’s growth and a further decline in commodity prices dented investor confidence.

At 8.20am‚ the rand was at R14.1489 to the dollar from its previous close of R14.0671.

Against the euro‚ the rand was at R15.9518 from R15.8180 previously and was at R21.4713 against the pound from a previous close of R21.3375.

The euro was at $1.1274 from $1.1244.

Rand Merchant Bank analysts said global risk assets suffered another sharp fall overnight‚ reflecting the nervous and negative market sentiment.

“Pressure has eased this morning and both euro/dollar and dollar/rand might pullback slightly but both hit fresh all-time highs overnight and the upward trends remain relentless.”

“Event risk is focussed on US consumer sentiment data but the market will swing aggressively even in the absence of any news‚” said the analysts.

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The rand hits a new a high against the dollar