23 Nov 2012

Rand a touch firmer at midday

I-Net Bridge

Johannesburg – The rand was slightly firmer at noon on Friday amidst lacklustre trade due to the holiday weekend in the US.

“Volumes are light today. We did see the rand push through R9 to the dollar earlier this week and I think it is still vulnerable and could retest the that level. There are a lot of socio-political concerns in SA at the moment so the local currency is not yet out of the woods‚” said Mike Keenan‚ currency strategist at Absa Capital.

At 11:54‚ the rand was bid at R8.9274/$ from Thursday’s close of R8.9335. The local currency was bid at R11.5131/€ from its previous close of R11.4878 and at R14.2233 against sterling from R14.2272 before. The euro was bid at $1.2905‚from Thursday’s close of $1.2873.

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