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Rand weaker on North Korea nuclear test

Feb 12 2013 12:16
I-Net Bridge
Johannesburg - The rand was weaker across the board on Tuesday at midday as emerging markets feel the effect of North Korea’s nuclear test.

“We’ve seen quite a deterioration this morning‚” said Ockert van Niekerk head of trading at PSG. “The rand/dollar is pretty steady now‚ but the nuclear test hasn’t boded well for emerging markets.”

At 11:35 the rand was bid at R8.9789/$ from Monday’s close of R8.9074/$ and Friday’s close of R8.8693/$. The local currency was bid at R12.0270/€ from its previous close of R11.9319/€ and at R13.9956 against sterling from R13.9348 before.

The euro was bid at $1.3397 from Monday’s close of $1.3401.

RMB noted this morning that ongoing weakness in the Australian dollar could also threaten to drag the rand lower against the dollar.

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south africa  |  rand  |  markets


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