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Johannesburg - The rand was a touch stronger on Tuesday at midday having fallen almost 3% on Monday on a massive sell-off in commodities.
“Today’s rebound was mainly to do with the fact that the rand had such a huge drop yesterday‚” said Viv Govender‚ a market analyst at Vunani Private clients.
Govender said panic selling prompted by the fall in the gold price drove commodity prices to new lows.
“There are also rumours around that Cyprus might sell their gold‚” he said.
Gold rebounded more than 1% on Tuesday‚ having fallen to two-year low‚ although caution prevailed among investors worried about the health of the global economy.
At 11:21‚ the rand was bid at R9.1860/$ from R9.1995 at Monday’s close and R8.9411 at Friday’s close.
The local currency was bid at R11.9932/ from its previous close of R11.9982 and at R14.0368 against sterling from R14.0641 before.
