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Rand improves on stronger euro

Johannesburg – The rand picked up slightly in midday trade on Tuesday‚ tracking euro gains against the dollar over the last few days.

When the rand reached R9.16/$‚ the market felt the currency was oversold, said Kuziva Muganiwa‚ a global markets analyst from Vunani Capital.

“The rand has pulled back a bit in light of the euro strengthening against the dollar earlier today‚” he said.

At 11:36‚ the rand was bid at R9.0697/$ after touching R9.1258 in early trade from R9.0897 at Monday’s close and R8.9422 at Friday’s close.

The local currency was bid at R12.1865/€ from its previous close of R12.2265 and at R14.2397 against sterling from R14.2652 before. 

The euro was bid at $1.3448 from Monday’s close of $1.3447.

“For now‚ Anglo Platinum’s [JSE:AMS] backtracking on their decision has also been viewed by the market as positive‚” he said. Platinum remains the biggest earner of foreign currency in the country.

“There is hope that government and business might work together to find a lasting solution.”

Despite this foreign investors were net sellers of the local currency yesterday.
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Rand - Dollar
18.89
+0.2%
Rand - Pound
23.82
+0.3%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.31
+0.3%
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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