Loading...
See More

Rand stable ahead of MPC announcement

Jan 24 2013 12:11
I-Net Bridge
Johannesburg – The rand was stable in midday trade on Thursday ahead of the MPC announcement due at 15:00.

“It will be interesting if they say anything about the rand‚” said Jim Bryson a currency trader at RMB.

Ongoing unrest‚ such as the events in Sasolburg‚ have been a contributing factor to the local currency’s recent weakness.

“The rand has really been driven by headlines‚ and we seem to be lacking any real good news.”

At 11:24‚ the rand was bid at R9.0431 to/$ from R9.0626 at Wednesday’s close. The local currency was bid at R12.0514/€ from its previous close of R12.0580 and at R14.3241 against sterling from R14.3371 before.

The euro was bid at $1.3333 from Wednesday’s close of $1.3307.

“The current level isn’t good on a technical basis‚ and we might see a move to R9.20 in the short term‚” Bryson said.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

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...

Money Clinic

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

Voting Booth

Introducing tablets in schools is:

Previous results · Suggest a vote

Loading...