• Will the NPA stand up?

    Solly Moeng wonders if the NPA head will reinstate criminal charges against president Zuma.

  • Commodity currency

    Jac Laubscher asks if the true exchange rate of the rand is really a cue from commodity prices.

  • Accoutable government

    Mandi Smallhorne says government should be taken to court for its wasteful expenditure.

All data is delayed
Loading...
See More

Rand slumps due to strikes

Oct 05 2012 14:33
I-Net Bridge

Johannesburg – The rand weakened at midday on Tuesday as strikes spread into other sectors in SA‚ with traders worried that the local currency could test the R9.00 mark against the dollar.

“We are a little bit crazy at the moment‚ the rand has weakened tremendously. This is due to stops being triggered and the continued strike actions in SA‚” said Lynden Reabow‚ FX sales trader at PSG Prime.

At 12:02pm‚ the rand was bid at R8.6398 to the dollar from R8.4952 at Thursday’s close. It was bid at R11.2352 to the euro from its previous close of R11.0614 and at R13.9846 against sterling from R13.7544 before.

The euro was bid at $1.3011 from $1.3016 at Thursday’s close.

“We are very close to the yearly low of R8.78 against the dollar‚ if we break that we could see the rand go through the R9.00 mark‚” Reabow said.


* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest

 
bonds  |  rand  |  mining unrest  |  markets

 
 
 

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
11 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

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

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...