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Rand slightly firmer

Johannesburg - The rand remained relatively firm at noon‚ pulling further away from its three-and-a-half year weakest point against the US dollar reached on Monday due to labour strife.

At 11:45am‚ the rand was bid at R8.7116 to the dollar from Tuesday’s close of R8.74513‚ Monday’s worst level of R8.9945 and Monday’s close of R8.8855.

It was bid at R11.1928 to the euro from its previous close of R11.2606‚ and at R13.9367 against sterling from R13.9898 before.

The euro was bid at $1.2856 from $1.2873 at Tuesday’s close and $1.2965 at Monday’s close.

“There are big underlying‚ structural concerns in SA in addition to the current strike activity‚” said Mike Keenan‚ analyst at Absa Capital. “The Reserve Bank Governor Gill Marcus’s remarks on the SA economy today were dovish. Therefore‚ we think the rand will struggle to break below the R8.60-65 to the US dollar level.”


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Rand - Dollar
18.92
-0.1%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.45
+0.1%
Rand - Aus dollar
12.35
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Rand - Yen
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