Johannesburg – The rand was on a firmer footing in late trade on Monday‚ recovering from last week’s weaker levels‚ which saw the local currency flirting with the R9/$ dollar mark. The slide was attributed‚ among other things‚ to a bout of risk aversion.
At 3.44pm‚ the rand was bid at R8.8202/$ from Friday’s close of R8.8533 and Thursday’s close of R8.9020. The local currency was bid at R11.2690/€ from its previous close of R11.2864 and at R14.0249 against sterling from R14.0642 before.
The euro was bid at $1.2767‚ from Friday’s close of $1.2759.
“We don’t think the rand is out of the woods yet‚” said Mike Keenan‚ analyst at Absa Capital. “On the domestic front‚ we still have a poor macro economic backdrop and the upcoming ANC national elective conference. Internationally‚ the looming US fiscal cliff will weigh on the currency.”