• Labour Wrap

    Terry Bell says the labour movement in SA is currently in a state of confusion.

  • 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.

All data is delayed
Loading...
See More

Rand strengthens on US fiscal hopes

Dec 07 2012 16:34
I-Net Bridge
Johannesburg – The rand strengthened on Friday afternoon after renewed hopes that the biggest economy in the world will avert the fiscal cliff.

“The rand strength is down to the possibility of the US fiscal cliff being avoided. This has been factored into the market. The rand and dollar are strengthening at the same time. Normally its not like this. The US avoiding the fiscal cliff brings back positive sentiment and the market’s risk appetite into play‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.

At 3.49pm‚ the rand was bid at R8.6795/$ from Thursday’s close of R8.6886. The local currency was bid at R11.1898/€ from its previous close of R11.2608 and at R13.8876 against sterling from R13.9342 before.

The euro was bid at $1.2895 from Thursday’s close of $1.2960.

“One more rand positive is Greece getting its bailout earlier in the week and Spain is asking for funds‚ which was expected by the markets. This eases liquidity pressures in the EU‚” Kalkwarf said.
rand  |  dollar  |  euro  |  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
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...