Johannesburg – The rand was fairly flat in midday trade on Wednesday‚ after gaining over 1% on Tuesday.
“It’s coming back as it has been out of sync with of the euro due to the inclusion of SA in the World Government Bond Index (WGBI)‚ which is set to start on Monday‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.
At 11:25 local time‚ the rand was bid at R8.2109 to the dollar from R8.2171 at Tuesday’s close. It was bid at R10.5720 to the euro from its previous close of R10.6126 and at R13.2861 against sterling from R13.3153 before.
The euro was bid at $1.2875 from $1.2899 at Tuesday’s close.
“The rand’s weaker performance this morning was due to the euro losing ground against the dollar‚” Kalkwarf said.