Publications
Partners
Johannesburg - The rand ended firmer on Friday as it strengthened after European
finance ministers agreed to increase the size of the firewall meant to
protect the stronger eurozone members from contagion from the weaker
members.
"The eurozone deal has removed some uncertainty so the euro rallied on that agreement and we just followed suit. Trade was quiet in the morning, but picked up in the afternoon as both importers and exporters squared off their books due to the quarter-end," a local trader said.
At 18:00 local time, the rand was bid at R7.6554 to the dollar from its previous close of R7.7117 and Thursday's intraday worst level of R7.7750. It was bid at R10.2008 to the euro from R10.2605 before, and at R12.2288 against sterling from R12.3062 previously.
The euro was bid at $1.3332 from its previous close of $1.3304.
Meanwhile Dow Jones Newswires reported the yen rose to a three-week high against the dollar in Asia on Friday largely on the back of repatriation flows at the end of the Japanese fiscal year, but traders said the move is unlikely to herald a sustained push higher by the Japanese currency.
"The eurozone deal has removed some uncertainty so the euro rallied on that agreement and we just followed suit. Trade was quiet in the morning, but picked up in the afternoon as both importers and exporters squared off their books due to the quarter-end," a local trader said.
At 18:00 local time, the rand was bid at R7.6554 to the dollar from its previous close of R7.7117 and Thursday's intraday worst level of R7.7750. It was bid at R10.2008 to the euro from R10.2605 before, and at R12.2288 against sterling from R12.3062 previously.
The euro was bid at $1.3332 from its previous close of $1.3304.
Meanwhile Dow Jones Newswires reported the yen rose to a three-week high against the dollar in Asia on Friday largely on the back of repatriation flows at the end of the Japanese fiscal year, but traders said the move is unlikely to herald a sustained push higher by the Japanese currency.
