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Johannesburg – The rand weakened in the late morning on Monday as traders reacted to South African credit growth data and hurricane Sandy.
“The local currency is stuck in a range at the moment with commodity prices weighing on the currency. One of the other reasons why it weakened this morning is the latest credit growth numbers‚” said Viv Govender a markets analyst from the Vunani Capital.
At 11.31am‚ the rand was bid at R8.6934/$ from Friday’s close of R8.6622. It was bid at R11.2156/€ from its previous close of R11.1745 and at R13.9609 against sterling from R13.9027 before.
The euro was bid at $1.2902 from Friday’s close of $1.2922.
“What we are going to see this week is some rand strength and dollar weakness due to Sandy. European shares are lacklustre and traders are looking at tomorrow’s Bank of Japan meeting. Monetary easing could bring more risk into the environment‚” said Lynden Reabow‚ an FX sales trader from PSG.
