31 Dec 2012

Rand weakens on fiscal cliff fears

I-Net Bridge

Johannesburg – The rand weakened against the US dollar on Monday as traders eyed the outcome of talks in the US concerning the fiscal cliff.

“The rand is still relatively strong from the start of the month‚ we are all still eyeing the fiscal cliff debate in the US. This will be the biggest influence on the local currency‚” Vunani Private Clients global market analyst Kuziva Muganiwa said.

At 11:59‚ the rand was bid at R8.4913/$ from its previous close of R8.4710 on Friday. The local currency was bid at R11.2001/€ from its previous close of R11.2025 and at R13.7267 against sterling from R13.6597 before.

The euro was bid at $1.3190 from its overnight close of $1.3226.

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