Johannesburg - The rand tracked a weakening euro just after noon on Thursday. The latter softened against the dollar following disappointing GDP figures out of Germany and other European countries this morning.
“The worse than expected local mining production figures this morning did not really have an affect on the rand. No local news attributed to the softer rand. It is the stronger dollar against the euro that pushed our local currency down‚” a local trader said.
At 12:21 the rand was bid at R8.8892/$ from Wednesday’s close of R8.8591 and Tuesday’s close of R8.9032.
The local currency was bid at R11.8437/€ from its previous close of R11.9101 and at R13.7679 against sterling from R13.7519 before.
The euro was bid at $1.3322 from $1.3444 at Wednesday’s close and $1.3451 at Tuesday’s close.
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