Johannesburg - The rand was the best performing currency among its emerging market peers on Monday‚ strengthening by as much as 0.54% against the dollar despite a rise in US treasury yields and weaker local bond prices.
“We are seeing a lot of other emerging market currencies trading weaker today with the Turkish lira reaching new year-to-date weakest level but the rand is trading out of sync with broader emerging market currency movements‚” said a local trader.
At 18:00 the rand was bid at R10.0960/$ from Friday’s close of R10.2110/$.
The local currency was bid at R13.2287/€ from its previous close of R13.3885/€ and was at R15.5554/£ from R15.7099/£ at its previous close.
The euro was bid at $1.3095 from $1.3103 at Friday’s close.
The worst performing emerging market currencies against the US dollar on Monday included the Turkish lira‚ down 0.71%‚ India’s rupee‚ which lost 0.65% and the Mexican peso which shaved off 0.60%.
“We are seeing a lot of other emerging market currencies trading weaker today with the Turkish lira reaching new year-to-date weakest level but the rand is trading out of sync with broader emerging market currency movements‚” said a local trader.
At 18:00 the rand was bid at R10.0960/$ from Friday’s close of R10.2110/$.
The local currency was bid at R13.2287/€ from its previous close of R13.3885/€ and was at R15.5554/£ from R15.7099/£ at its previous close.
The euro was bid at $1.3095 from $1.3103 at Friday’s close.
The worst performing emerging market currencies against the US dollar on Monday included the Turkish lira‚ down 0.71%‚ India’s rupee‚ which lost 0.65% and the Mexican peso which shaved off 0.60%.