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Strikes continue to pound rand

Johannesburg - The rand retreated against the dollar on Friday, weighed down by continued labour strife in the mines, which compounded the impact of a generally risk-averse global market environment.

By 09:03 the rand was trading at R11.0350/$, down 0.36% from Thursday's close.

As with other emerging market currencies, the rand has wilted in the wake of hawkish comments from the US Federal Reserve, soft manufacturing data out of and political tension in .

The local currency dropped a couple of cents on Friday after police said a miner was killed by a group of men at a mine belonging to Anglo American Platinum [JSE:AMS], the latest violence in the turbulent, strike-hit sector.

"The rand is once again looking vulnerable to extended weakness in the near term," Barclays said in a market note.

Government bonds were not far off Thursday's closing levels, with yields for the benchmark 2026 and 2015 bonds each shedding 1 basis point to 8.655% and 7.34% respectively.

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Rand - Dollar
18.88
+0.3%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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