The rand was weaker against the dollar on Monday just before midday‚ after trading sideways earlier in the day.
The local market was awaiting the decision by the speaker of Parliament‚ Baleka Mbete‚ on whether a vote of no confidence in President Jacob Zuma would be conducted via a secret vote. The vote is due to take place on Tuesday.
Rand Merchant Bank analyst Isaah Mhlanga said the market’s inability to move materially in either direction could be attributed to the announcement by Mbete.
Mhlanga said the vote was an extremely hard one to call‚ but the general feeling in the market was one of indifference.
“If the secret vote is approved‚ markets should rally; however‚ there is a growing concern that opposition parties will be disappointed by the outcome of the vote.”
At 11.30am the rand was R13.4410 to the dollar from R13.4183‚ at R15.8587 to the euro from R15.8176 and at R17.5467 to the pound from R17.5197.
The euro was at $1.1799 from $1.1772.
Source: TMG Digital.