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Rand reacts to rate rumours

Dec 05 2012 13:54 I-Net Bridge

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Johannesburg – The rand was relatively unchanged before noon on Wednesday amid both positive and negative influences.

“We have seen a slight recovery today due to rumours that the South African Reserve Bank will definitely keep rates unchanged next year‚ due to the widening current account deficit.

"The Western Cape labour issue is still weighing on the rand. We had hoped that the government would have stepped in by now but that has not happened‚” said Vunani Private Client’s global markets analyst, Kuziva Muganiwa.

At 11:40‚ the rand was bid at R8.7845/$ from Tuesday’s close of R8.7856. The local currency was bid at R11.5095/€ from its previous close of R11.5021 and at R14.1329/£ from R14.1374 before.

The euro was bid at $1.3112 from Tuesday’s close of $1.3098.

“We are still getting hit by the euro zone problems; there have been some concerns about whether or not the EU‚ as a whole is able to recover. The UK had a rough time of it over the last couple of days‚” he said.

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rand  |  markets  |  currencies

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