Data provided by iNet BFA
Loading...
See More

Rand volatile in cautious trade

Jun 13 2013 09:39 Reuters
Rand notes

(Shutterstock) (Shutterstock)

Related Articles

Global factors behind rand slump

Rand shenanigans and you

The weak rand and gold

Rand weakness to boost Naspers profit

Dollar under pressure in Asia

Central Bank fears cause global selloff

 
Johannesburg - The rand seesawed in early trade on Thursday as investors refrained from making aggressive bets due to uncertainty over the US bond buying programme and a weak outlook for the domestic economy.

The rand was at R10.0825/$ at 08:41, 0.21% firmer from Wednesday's close of R10.1000 in New York.

It sank to its weakest level since 2009 early on Tuesday, before staging a recovery that was spurred by forecast-beating factory output data and after President Jacob Zuma promised to take a hard line against labour unrest in the nation's mines.

"One gets the sense that market players are still skittish with the lingering uncertainty of another rand blow-out to put on trades that scream value," Rand Merchant Bank said in note.

The rand remains vulnerable as investors cut their holdings of emerging markets assets amid worries of a possible ratcheting down of the US bond buying programme, which has been the source of dollars funding a rally in risky but high-yielding assets.

In tandem with the rand, government bonds also inched lower, breaking two straight days of gains.

The yield for the 2026 issue edged up 6 basis points to 8.005% and that for the 2015 paper rose 5.5 basis points to 6.215%.

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

rand  |  markets  |  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
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

How you get trapped by debt

Borrowing money is so quick, so easy - and so deadly, says Susan Erasmus.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

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