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Rand shrugs off weak GDP figure

Nov 27 2012 13:04 I-Net Bridge

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Johannesburg – The rand was a little stronger at noon on Monday after shrugging off the weak local GDP figure as a soft number was expected.

“The rand strengthened ever so slightly but is trading in narrow ranges. The weak GDP figures did not affect the market as a weak figure was expected. It looks as though the December holiday has hit the currency market already‚ with lacklustre trade prevailing in a narrow range‚” a currency trader said.

SA's real gross domestic product rose by 1.2% on a quarter on quarter and seasonally adjusted annualised basis in the third quarter of this year from a revised 3.4% (3.2%) in the second quarter‚ Statistics SA data showed on Tuesday.

At 12:03‚ the rand was bid at R8.8374/$ from Monday’s close of R8.8460. The local currency was bid at R11.4501/€ from its previous close of R11.4887 and at R14.1565 against sterling from R14.1781 before.
rand  |  dollar  |  euro  |  currencies

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