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Rand slips before G20

Feb 15 2013 13:23
I-Net Bridge
Johannesburg - The rand slipped in quiet midday trade on Friday as traders squared off positions before the Group of 20 (G20) statement on Saturday.

At 12:45‚ the rand was bid at R8.8050/$ from Thursday’s close of R8.7788. The local currency was bid at R11.7393/€ from its previous close of R11.7191 and at R13.6428 against sterling from R13.5831 before. The euro was bid at $1.3330 from $1.3350 at Thursday’s close.

“The rand is following the euro weaker as jitters re-emerge about what the G20 will say‚” a local foreign exchange dealer said.

Dow Jones Newswires reported that the G20 leading economies will pledge to ensure that their monetary policy actions are focused on price stability and growth‚ rather than weakening their currencies‚ according to the draft of a statement they intend to release on Saturday.

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