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Rand strengthens on stronger euro

Jan 17 2013 12:12 I-Net Bridge


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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.


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