Johannesburg – The rand weakened against the US dollar
before noon on Monday as various international factors boosted the dollar.
“US employment data was higher than expected last Friday‚
which indicates that the US recovery is on track‚ which is very good for the
dollar. All eyes will be on the start of the US presidential elections‚ which
begins on Tuesday‚” said Mark Kalkwarf‚ a senior portfolio manager from the
At 11:35am‚ the rand was bid at R8.7760 to the US dollar
from Friday’s close of R8.7543. It was bid at R11.2369 to the euro from its
previous close of R11.2522 and at R14.0260 against sterling from R14.0433
The euro was bid at $1.2802 from Friday’s close of $1.2822.
“There is also renewed uncertainty on the EU debt crisis‚
which aided dollar strength. Greece is back in focus as its crucial
parliamentary vote on measures to help it out of the financial crisis nears‚”