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Rand hurt by Draghi's tapering comments

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Cape Town - The rand spiked to R13.07/$ on Wednesday morning as tapering comments from European Central Bank (ECB) president Mario Draghi continued to hurt risk currencies.

The local unit closed at R13.02/$ overnight in New York. It started to recoup losses, albeit very modestly, in early morning trade on Wednesday, but quickly weakened again when markets in Europe opened.

"The local unit, like other risk currencies, was badly hurt by ... Draghi’s tapering comments yesterday, but should be able to recoup some losses today," said RMB currency strategist John Cairns in a note to clients.

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