BUSINESS NEWS - The rand weakened slightly on Friday as investors bagged profits from a rally that has set the local unit up for its longest weekly winning streak since 2002.
At 1517 GMT the rand was 0.2% weaker at 12.3275 per dollar, paring this week’s gains to about 0.6 percent but still on course for its eighth straight week of advances.
The rand has been on the front foot since December, supported by investors’ hopes that the newly elected leader of the ruling African National Congress, Cyril Ramaphosa, would push through business-friendly policies.
But there have been fears he could be hamstrung by divisions in the party; a Reuters poll of strategists published on Friday suggested the rand would weaken more than 12% this year.
Rand eyes longest winning streak since 2002
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Posted on: 09:51 Mon, 08 January 2018
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