THE rand was stronger at midday on Monday after the Presidency vehemently denied rumours of an imminent Cabinet reshuffle.
Rand Swiss Research analysts said the rand had weakened last night‚ reaching a worst level of R15.6150 to the dollar‚ after the Sunday Times reported on the imminent arrest of Finance Minister Pravin Gordhan.
At 11.30am‚ the rand was at R15.4704 to the dollar from R15.5696 at previous close. It was at R17.5073 against the euro from R17.6008 previously‚ and at R22.1957 against the pound from R22.3321 previously.
The euro was at $1.1316 from $1.1311 previously.
The market was also awaiting important domestic and international data due for release this week‚ the analysts said.
The South African Reserve Bank’s monetary policy committee meets this week; it is not expected to hike rates this month.
On the international front‚ the US Federal open market committee’s minutes are due for release this week.
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