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Rand weakens in quiet trade

Dec 12 2012 13:18 I-Net Bridge

(Supplied)

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Johannesburg – The rand weakened before noon on Wednesday as traders looked for direction in thin trading volumes.

“The rand weakened this morning in thin trading conditions. Inflation data came in as expected so it had no impact on the local currency” said Tony van Dyk‚ a currency dealer from the Iquad Group.

At 11.39am‚ the rand was bid at R8.6720 to the US dollar from Tuesday’s close of R8.6560. The local currency was bid at R11.2877 to the euro from its previous close of R11.2594 and at R13.9755 against sterling from R13.9467 before.

The euro was bid at $1.3017 from Tuesday’s close of $1.3011.

“The rand is still range bound at the moment. We don’t expect any major, movements in the currency today‚” Van Dyk added.   

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