28 Jan 2013

Rand remains firm in midday trade

I-Net Bridge

Johannesburg – The rand was stable at midday on Monday‚ but remains vulnerable to increased selling pressure as a result of fears over domestic risks.

At 11:30‚ the rand was bid at R8.9412/$ from R8.9422 at Friday’s close and R9.0686 at Thursday’s close. The local currency was bid at R12.0150/€ from its previous close of R12.0350 and at R14.0595 against sterling from R14.1187 before.

The euro was bid at $1.3448 from Friday’s close of $1.3465 and Thursday’s close of $1.3367.

ABSA Capital said in a note that although the rand remained vulnerable in the near term to SA-specific risks such as labour unrest‚ a lot of the negative domestic news flow was likely to already be priced into the local unit.

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