All data is delayed
See More

Rand strengthens on stronger euro

Jan 17 2013 12:12
I-Net Bridge
Johannesburg – The rand marked time during midday trade on Thursday‚ after strengthening slightly off Wednesday’s weaker levels.

Tony van Dyk‚ a currency dealer at the Iquad Group‚ said a couple of factors influenced the move‚ “Amplats miners have gone back to work and the euro has recovered against the dollar. On the back of those two things we’ve seen the rand recover.”

At 11:45‚ the rand was bid at R8.7581/$ from R8.7987/$ at Wednesday’s close. The local currency was bid at R11.6873€ from its previous close of R11.6886/€ and at R14.0165 against sterling from R14.0693 before.

The euro was bid at $1.3352 from Wednesday’s close of $1.3284.

“It is likely that the rand will stay in a range of R8.70-R8.85/$ in the short-term until the euro moves further against the dollar or we see a wage agreement in the Cape‚” said Van Dyk.

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

rand  |  markets


Read Fin24’s Comments Policy 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
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills.

Money Clinic

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

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote