Data provided by McGregor BFA
All data is delayed
Loading...
See More

Rand slides on labour unrest

Feb 19 2013 12:46 I-Net Bridge
Rands

(picture: Shutterstock) (Shutterstock)

Related Articles

Rand weakens on Amplats stayaway

Rand steady vs dollar

Rand slips before G20

Rand nears one-month high

Rand stuck in two-week range vs dollar

Rand stronger in quiet midday trade

 
Johannesburg - The rand continued to lose ground against the dollar in midday trade on Tuesday‚ as the market reacted to news of labour unrest at Anglo Platinum’s [JSE:AMS] Siphumelele mine in Rustenburg.

“This immediately resulted in a spike in $/R up to the low R8.90s‚” said Mark Kalkwarf‚ a senior portfolio manager at the Iquad Group.

At least 13 people were injured in a standoff between two rival trade unions that turned violent on Monday afternoon. It is alleged that National Union of Mineworkers (NUM) shop stewards returned to work yesterday but that mineworkers who are members of AMCU were not happy with their return.

Kalkwarf said that the recent volatility seen in the domestic currency is the result of the rand “being toggled between conflicting forces of the global environment favouring high-yielding currencies and negative local socio-economic and fiscal issues”.

These factors were likely to result in volatile and uncertain markets in the near-term‚ “however should there be a decline in labour tensions the rand is expected to reclaim its losses”.

At 11:47‚ the rand was bid at R8.9342/$ from Monday’s close of R8.8830 and Friday’s close of R8.8542. On Monday the intraday best level was R8.8117.

The local currency was bid at R11.9227/ from its previous close of R11.8514 and at R13.8249 against sterling from R13.7378 before.

The euro was bid at $1.3354 from $1.3348 at Monday’s close and $1.3338 at Friday’s close. 
rand  |  currencies
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com 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
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

ANC set for two-thirds majority - poll

The ANC is on course to win nearly a two-thirds majority in 7 May elections, a poll has showed, confounding analysts who had predicted a fall in support for the ruling party.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

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