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Johannesburg - Dollar buying continued to sustain rand weakness at midday with the local currency little changed from Wednesday’s close of 10.10/$.
At 11:45 the rand was bid at R10.0882/$ from Tuesday’s close of R10.1002.
The local currency was bid at R13.1463/€ from its previous close of R13.2113 and was at R15.5004 against sterling from R15.5709 at its previous close. The euro was bid at $1.3033 from $1.3080 at its previous close.
Sound economic data has been driving the greenback‚ flattering expectations that the US economy is poised for a strong recovery.
“We’ve seen dollar strength across the board and the anticipation of a positive US GDP print due this afternoon is supporting the dollar‚” said a local trader.
The rand lost ground on Monday due to labour developments in the gold mining sector on demands from The Association of Mineworkers and Construction Union’s (Amcu) demand for a 100% wage increase for its members.
“The rand remains vulnerable to being able to align our economic realities with the aspirations of our unions‚ while still being able to attract foreign investment‚” Nedbank Capital said in a note.
At 11:45 the rand was bid at R10.0882/$ from Tuesday’s close of R10.1002.
The local currency was bid at R13.1463/€ from its previous close of R13.2113 and was at R15.5004 against sterling from R15.5709 at its previous close. The euro was bid at $1.3033 from $1.3080 at its previous close.
Sound economic data has been driving the greenback‚ flattering expectations that the US economy is poised for a strong recovery.
“We’ve seen dollar strength across the board and the anticipation of a positive US GDP print due this afternoon is supporting the dollar‚” said a local trader.
The rand lost ground on Monday due to labour developments in the gold mining sector on demands from The Association of Mineworkers and Construction Union’s (Amcu) demand for a 100% wage increase for its members.
“The rand remains vulnerable to being able to align our economic realities with the aspirations of our unions‚ while still being able to attract foreign investment‚” Nedbank Capital said in a note.
