All data is delayed
See More

Rand retreats against resurgent dollar

Feb 21 2013 09:03
Johannesburg - The rand softened against the dollar on Thursday, with scope for further losses after hawkish comments from the US Federal Reserve boosted the greenback across the board.

The rand initially weakened to R8.9289/$ and was at R8.92 by 08:39 compared with Wednesday's close of R8.9135.

Government bonds also eased, with yields, which move inversely to the price, slightly higher on the day.

The 2026 market benchmark added four basis points to 7.245% while the yield for the shorter-dated paper due in 2015 was up 2.5 basis points at 5.325%.

The rand's relative strength against other currency pairs overnight suggested the South African currency was falling victim to broad-based dollar strength rather than domestic factors, said Absa Capital.

"It appears as if the rand remains well entrenched within an R8.80 to R8.95/$ range in the very near term and an R8.70 to R9.20 range over the medium term," the bank said in a note.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

rand  |  currencies  |  markets bonds



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote