Fin24

Rand weaker in late trade‚ awaits Fed

2012-09-13 19:40

Johannesburg - The rand was trading softer on Thursday afternoon as it continued its downward trend from Wednesday‚ with the market in a wait-and-see mode ahead of the US Federal Reserve’s (Fed) announcement on Thursday.

Expectations are that more monetary stimulus will be announced by the Fed. The decision is expected at 4.30pm GMT and chairman Ben Bernanke is expected to address the media two hours later.

“The rand was relatively quiet compared to yesterday‚ reaching a low of R8.44 today‚ with local oil companies seen buying dollars from local banks‚” a trader said.

At 4.09pm‚ the rand was bid at R8.3535 to the dollar from R8.3216 at Wednesday’s close. It was bid at R10.7656 to the euro from its previous close of R10.7433 and at R13.4388 against sterling from R13.4069 before. The euro was bid at $1.2894 from $1.2901 at Wednesday’s close.