• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Rand firms as US averts fiscal cliff

Jan 02 2013 10:30 I-Net Bridge

(Supplied)

Related Articles

US averts fiscal cliff

Economist warns on weaker rand

US fiscal cliff facts

Investors agonise as fiscal cliff nears

Petrol price relief for motorists

Analysts predict rand recovery

 
Johannesburg – The rand strengthened against the US dollar on Wednesday morning as the US averted the fiscal cliff via a last-minute deal.

Dow Jones Newswires reported that the Senate passed a bill on Tuesday that blunted the effects of the fiscal cliff‚ with an agreement that would delay spending cuts but increase income tax rates for the first time in two decades.

At 08:29‚ the rand was bid at R8.4168/$ from its previous close of R8.4517. The local currency was bid at R11.1801/€ from its previous close of R11.1520 and at R13.7434/£ from R13.7227 before.

The euro was bid at $1.3272 from its overnight close of $1.3197.

Without an agreement to avert some of the $600bn in planned tax increases and spending cuts‚ investors had worried the US economy may be sent into a recession.

Regional markets climbed higher as the session progressed‚ with gains increasing as the House of Representatives started to vote on the bill‚ and finally passed it.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

rand  |  markets  |  currencies
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

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

The rich will pay - Mpofu

The EFF in Gauteng will focus all its energy on improving the lives of the poor, the party's premier candidate Dali Mpofu says.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

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