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Johannesburg – The rand is stronger in late trade on Tuesday as traders eye the South African mining sector for direction.
At 15:20 local time‚ the rand was bid at R8.2291 to the dollar from R8.2564 at Monday’s close.
It was bid at R10.7414 to the euro from its previous close of R10.8288 and at R13.3655 against sterling from R13.4130 before.
The euro was bid at $1.3060 from $1.3114 at Monday’s close.
“The main reason why the rand is stronger in late trade today is the rumour that Lonmin has settled its wage dispute with striking miners. This comes despite the euro losing ground against the dollar. Usually when the euro weakens against the dollar the rand follows‚ but the rand has actually benefited from the Lonmin situation‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iguad group.
At 15:20 local time‚ the rand was bid at R8.2291 to the dollar from R8.2564 at Monday’s close.
It was bid at R10.7414 to the euro from its previous close of R10.8288 and at R13.3655 against sterling from R13.4130 before.
The euro was bid at $1.3060 from $1.3114 at Monday’s close.
“The main reason why the rand is stronger in late trade today is the rumour that Lonmin has settled its wage dispute with striking miners. This comes despite the euro losing ground against the dollar. Usually when the euro weakens against the dollar the rand follows‚ but the rand has actually benefited from the Lonmin situation‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iguad group.
