• Thinking strategically

    Do policymakers actually consider improving trade performance, asks Geoffrey Chapman.

  • Power problems

    It's an iron law: no electricity, no modern economy, says Leopold Scholtz.

  • M2M money train

    SA's biggest mobile operators have found a new revenue stream, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

Rand extends losses in late trade

Aug 17 2012 17:50 I-Net Bridge

Related Articles

Rand remains softer at midday

Rand rattled by Lonmin saga

Rand hedge stocks retain their worth

 
Johannesburg – The rand lost further ground against major currencies in late trade amid investor worries of potential spillover effects from the violence at Lonmin’s Marikana mine into other mining companies‚ dealers said.

At 15:56 local time the rand was bid at R8.3333 to the dollar from Thursday’s close of R8.2198. It was bid at R10.2629 to the euro from its previous close of R10.1558 and at R13.0803 against sterling from R12.9241 before.

The euro was bid at $1.2323 from $1.2355.

Mark Kalkwarf‚ senior portfolio manager at Iquad Group‚ said the local currency had decoupled from the euro/US dollar strength after German’s chancellor Angela Merkel became the latest high profile eurozone official to approve some stimulus measures for the euro. The euro however came off its session highs in the afternoon.

The violence at Lonmin’s Marikana mine in the North West could scare away foreign investment‚ according to some analysts‚ who believe the violence could spread to other mining sectors and hurt employment‚ when nearly a quarter of the country’s work force is unemployed.

rand  |  market  |  jse
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...