The rand weakened to a fresh high against the dollar on Tuesday morning as concerns about China\u2019s growth and a further decline in commodity prices dented investor confidence.<\/p>\n
At 8.20am\u201a the rand was at R14.1489 to the dollar from its previous close of R14.0671.<\/p>\n
Against the euro\u201a 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.<\/p>\n
The euro was at $1.1274 from $1.1244.<\/p>\n
Rand Merchant Bank analysts said global risk assets suffered another sharp fall overnight\u201a reflecting the nervous and negative market sentiment.<\/p>\n
“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.”<\/p>\n
“Event risk is focussed on US consumer sentiment data but the market will swing aggressively even in the absence of any news\u201a” said the analysts.<\/p>\n
Weak rand hits fuel price hard: AA<\/a><\/strong><\/p>\n Rand hits record lows against the British pound<\/a><\/strong><\/p>\n