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Johannesburg - The rand was weaker in late trade albeit well off its intraday weakest level‚ after it had weakened considerably overnight on fears that the US Federal Reserve may start tapering their quantitative easing programme as soon as the end of the year.
Global markets experienced a vast sell-off that saw equities plunge and gold fall as much as 4% during the course of the day.
Jim Bryson‚ a currency trader at Rand Merchant Bank said the rand’s move was expected after US Federal Reserve chairperson Ben Bernanke’s speech on Wednesday night.
At 18:00‚ the rand was bid at R10.2068/$ from an overnight close of R10.1864/$ and Tuesday’s close of R9.9999/$.
The local currency was bid at R13.4948/€ from its previous close of R13.5357/€ and was at R15.7907/£ from R15.7690/£ at its previous close.
The euro was bid at $1.3215 from $1.3287 at Wednesday’s close and $1.3385 at Tuesday’s close.
Global markets experienced a vast sell-off that saw equities plunge and gold fall as much as 4% during the course of the day.
Jim Bryson‚ a currency trader at Rand Merchant Bank said the rand’s move was expected after US Federal Reserve chairperson Ben Bernanke’s speech on Wednesday night.
At 18:00‚ the rand was bid at R10.2068/$ from an overnight close of R10.1864/$ and Tuesday’s close of R9.9999/$.
The local currency was bid at R13.4948/€ from its previous close of R13.5357/€ and was at R15.7907/£ from R15.7690/£ at its previous close.
The euro was bid at $1.3215 from $1.3287 at Wednesday’s close and $1.3385 at Tuesday’s close.
