26 Oct 2012

Rand strengthens on US GDP data

I-Net Bridge

Johannesburg – The rand strengthened on Friday afternoon after better-than-expected US GDP data boosted markets.

“The local currency strengthened on better-than-expected US GDP data. It was expected to be 1.8% but it came in at 2%‚” said Ockert van Niekerk‚ head of trading at PSG.

At 15:37‚ the rand was bid at R8.6600/$ from Thursday’s close of R8.7755. It was bid at R11.1962 to the euro from its previous close of R11.3750 and at R13.9499 against sterling from R14.0618 before.

The euro was bid at $1.2930 from Thursday’s close of $1.2964.

“There have been no local drivers for the currency today‚” Van Niekerk said.

We live in a world where facts and fiction get blurred

Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.

Join News24 today

description

username

Show Comments ()