Loading...
See More

Rand weakens on commodity prices

Nov 13 2012 09:25 I-Net Bridge

(File)

Related Articles

Marcus: Madiba excited about new notes

Rand hits 2-week high after Obama win

Deficit shock: Rand needs to weaken

Former FirstRand CEO defends SA

Expert warns of spiralling rand

Strikes, downgrades shake rand

 
Johannesburg – The rand weakened on Tuesday as global risk aversion and lowering commodity prices lifted the US dollar.

“The rand fell victim to a stronger dollar and softer commodity prices on Monday. Granted‚ trading volumes were lower than normal due to yesterday’s US public holiday‚ but in essence there is still a lot of uncertainty in the market surrounding how the US fiscal cliff will be handled by US policy makers over the coming weeks‚” Absa Capital said in a note.

At 08:27‚ the rand was bid at R8.7599/$ from Monday’s close of R8.7483. The local currency was bid at R11.1107/€ from its previous close of R11.1108 and at R13.9024/£ from R13.8792 before.

The euro was bid at $1.2686 from Monday’s close of $1.2707.

RMB said in a note: “Gold is reversing some of its gains amid a strengthening dollar but the looming US fiscal cliff should limit any significant decline in the price. Gold ETF (exchange-traded fund) holdings remain steady at record levels‚ while a seasonal pickup in demand from India should provide further support.”

Click here for more on currencies.

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

rand  |  markets  |  currencies
NEXT ON FIN24X

Rand still on firmer ground

2014-10-24 19:30

 
 
 

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

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

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