Johannesburg – The rand was weaker in late afternoon as traders took direction from the euro amid consolidation.
At 15:25 local time‚ the rand was bid at R8.2293 to the dollar from R8.2171 at Tuesday’s close. It was bid at R10.5753 to the euro from its previous close of R10.6126 and at R13.3002 against sterling from R13.3153 before.
The euro was bid at $1.2852 from $1.2899 at Tuesday’s close.
“The rand hasn’t been doing much today‚” said Lynden Reabow‚ a forex trader for PSG Prime. “The euro is slightly weaker due to some negativity coming from Spain as investors are worried it will ask for more aid‚” Reabow said.