# Rand weakens 1% on profit-taking - Moneyweb

> The rand weakened up to 1% on Tuesday as investors took profits after a rally to three-year highs following Cyril Ramaphosa's cabinet reshuffle. Attention also shifted to Jerome Powell's first congressional testimony as Fed chair. Analysts said the rand was overstretched and was trading in a narrow range of 11.50 to 11.75 per dollar.

- Date: 2018-02-27 · published 2018-02-27T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/66784-rand-weakens-1-on-profit-taking-moneyweb
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

A weaker rand modestly raises the local cost of imported feed inputs such as soybean meal and corn for South African feed millers. The move is routine currency trading with little direct effect on grain prices.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- moneyweb.co.za: https://www.moneyweb.co.za/news-fast-news/rand-weakens-1-on-profit-taking/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.