Johannesburg – The rand was stable at midday on Monday‚ but remains vulnerable to increased selling pressure as a result of fears over domestic risks.
At 11.30am‚ the rand was bid at R8.9412 to the US dollar from R8.9422 at Friday’s close and R9.0686 at Thursday’s close. The local currency was bid at R12.0150 to the euro from its previous close of R12.0350 and at R14.0595 against sterling from R14.1187 before.
The euro was bid at $1.3448 from Friday’s close of $1.3465 and Thursday’s close of $1.3367.
ABSA Capital said in a note that although the rand remained vulnerable in the near term to SA-specific risks such as labour unrest‚ a lot of the negative domestic news flow was likely to already be priced into the local unit. - I-Net Bridge