The rand has weakened close to 1% against the dollar at midday, trading at R11.94, mainly due to a strengthening of the dollar against other major currencies.

However, uncertainties regarding tariffs of steel and aluminium imports to the United States (US) are also weakening the rand and are off-setting optimism of economic-policy certainty under President Cyril Ramaphosa.

The rand traded at its strongest level in three years in the middle of February at close to R11.50 to the dollar, while the rand reached its weakest level against the dollar so far at around R16.80 at the beginning of 2016.