Share

Rand extends losses in late trade

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.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,016.25
+1.4%
Gold
2,220.77
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders