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Johannesburg - The rand managed to tick up 3 cents against the dollar in Friday afternoon trade as the forex market settled down after Thursday’s rout in commodity currencies.
US Federal Reserve chairman Ben Bernanke said on Wednesday night that the US Federal Reserved (Fed) would consider cutting back on its bond-buying programme if the US economy continued to recover. This triggered a massive sell-off in global markets and dollar strength‚ leading to rand weakness.
The rand was trading at R10.18/$ at 3.39pm on Friday‚ off its worst intraday level of R10.26/$. The local currency shed 15c to trade at R10.32 to the greenback on Thursday.
“It has been a fairly quiet day today with some of our traders watching horse racing because the market is so quiet‚” a local trader said.
“Liquidity has returned to the forex market and the market has settled down after overreacting after Ben Bernanke’s speech on Wednesday night. We are seeing good two way flow as speculators are trying to buy dollars‚” the trader said.
At 15:39 the rand was bid at R10.1847/$ from Thursday’s close of R10.2181.
The local currency was bid at R13.4185/€ from its previous close of R13.5225/€ and was at R15.7243/£ from R15.8575/£ at its previous close.
The euro was bid at $1.3170 from $1.3233 at Thursday’s close.
US Federal Reserve chairman Ben Bernanke said on Wednesday night that the US Federal Reserved (Fed) would consider cutting back on its bond-buying programme if the US economy continued to recover. This triggered a massive sell-off in global markets and dollar strength‚ leading to rand weakness.
The rand was trading at R10.18/$ at 3.39pm on Friday‚ off its worst intraday level of R10.26/$. The local currency shed 15c to trade at R10.32 to the greenback on Thursday.
“It has been a fairly quiet day today with some of our traders watching horse racing because the market is so quiet‚” a local trader said.
“Liquidity has returned to the forex market and the market has settled down after overreacting after Ben Bernanke’s speech on Wednesday night. We are seeing good two way flow as speculators are trying to buy dollars‚” the trader said.
At 15:39 the rand was bid at R10.1847/$ from Thursday’s close of R10.2181.
The local currency was bid at R13.4185/€ from its previous close of R13.5225/€ and was at R15.7243/£ from R15.8575/£ at its previous close.
The euro was bid at $1.3170 from $1.3233 at Thursday’s close.
