Rand weakens against US dollar amid election uncertainty

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The rand has weakened by around one-and-a-half percent against the US dollar in early JSE trade.

This is mainly due to a stronger dollar, which is acting as a safe-haven currency due to uncertainty in the United States Presidential Election.

A stronger dollar usually weakens emerging markets currencies such as the rand.

The rand has weakened from its strongest level in eight months and is currently trading at R16.33 against the dollar and R19.05 to the euro.

The stronger dollar has also weakened commodities, with gold currently trading around 1 percent weaker at 1895 dollars per ounce.

Trump once again voices claims of voter fraud

Meanwhile, US President Donald Trump has again voiced his claim of voter fraud in the United States Presidential Election, saying his administration will head to the Supreme Court to stop all voting and ensure the integrity of the polls.

Trump was addressing the media in Washington DC.

“We were getting ready for a big celebration, we were winning everything and all of a sudden it was just called off…”

Trump expressed his elation over wins in the key state of Florida and others including Ohio, Georgia, North Carolina and in Pennsylvania, where he said they are leading by a tremendous amount of votes.

Vote counting is still underway.

Trump also made claims of his wins not being tabulated in Texas, as he outlines in the video below:

Biden expresses confidence as vote counting continues

Democratic challenger Joe Biden has expressed optimism with the United States Presidential Election, saying his team is on the right track to win the poll.

He addressed supporters earlier at his hometown in Wilmington Delaware, calling for patience as vote counting continues.

“Your patience is commendable…we feel good about where we are, we are on track to win this election”.

Biden says he is confident about key states including Arizona, Minnesota and Georgia.

Biden needs to win the states of Michigan, Wisconsin and Pennsylvania that sent Republican Donald Trump to the White House in 2016 for possible breakthroughs.

In the video below, Biden addresses supporters as vote counting continues: