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Johannesburg – The rand lost further ground in the afternoon session on Wednesday which traders attributed to dollar strength.
“The dollar has recovered some strength after coming under pressure against major currencies following the third round of stimulus measures from the US and that is reflected in the rand weakness. I don’t necessary think that weaker local retail sales impacted on the currency‚” a local trader said.
At 14:18‚ the rand was bid at R8.2358 to the dollar from R8.1825 at Tuesday’s close. It was bid at R10.7981 to the euro from its previous close of R10.6764 and at R13.3349 against sterling from R13.2862 before.
The euro was bid at $1.3003 from $1.3042 at Tuesday’s close.
Growth in SA’s retail trade sales increased much lower than expected by 4.2% year-on-year (y/y) in July after an upwardly revised 8.6% (8.3%) increase in June‚ figures released on Wednesday by Statistics SA showed.
Retail trade sales were expected to have increased by 7.2% y/y‚ according to a survey of leading economists by I-Net Bridge.
“The dollar has recovered some strength after coming under pressure against major currencies following the third round of stimulus measures from the US and that is reflected in the rand weakness. I don’t necessary think that weaker local retail sales impacted on the currency‚” a local trader said.
At 14:18‚ the rand was bid at R8.2358 to the dollar from R8.1825 at Tuesday’s close. It was bid at R10.7981 to the euro from its previous close of R10.6764 and at R13.3349 against sterling from R13.2862 before.
The euro was bid at $1.3003 from $1.3042 at Tuesday’s close.
Growth in SA’s retail trade sales increased much lower than expected by 4.2% year-on-year (y/y) in July after an upwardly revised 8.6% (8.3%) increase in June‚ figures released on Wednesday by Statistics SA showed.
Retail trade sales were expected to have increased by 7.2% y/y‚ according to a survey of leading economists by I-Net Bridge.
