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Rand weaker on thin trade conditions

Jan 10 2013 12:27 I-Net Bridge

(Supplied)

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Johannesburg - The rand weakened against the US dollar before noon on Thursday as thin trading volumes weighed on the local currency.

“We are still experiencing very thin trading conditions and there is no new news out at the moment which could push the rand in any direction. Normal trading volumes should return next week‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.

At 11:39‚ the rand was bid at R8.6094/$ from its previous close of R8.5999/$ on Wednesday. The local currency was bid at R11.2450/€ from its previous close of R11.2201/€ and at R13.7961 against sterling from R13.7621 before.

The euro was bid at $1.3070 from its overnight close of $1.3053.

“The current unrest in the farming sector in the Western Cape has been offset by positive economic data from Germany‚ the eurozone’s biggest economy‚” Kalkwarf said.

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