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Amplats keeps rand under pressure

The rand remained under pressure from major currencies on Wednesday afternoon as fears over strike action following Amplats plans to suspend some of their operations.

“In recent days we’ve seen a lot of negative international press around the mining industry. There doesn’t really seem to be anything to counter the negative publicity and we’re not seeing that from government‚” said Kevin Ling‚ chief economist at Stanlib.

Graphic: Renjith Krishnan.

At 3.46pm‚ the rand was bid at R8.8455 to the US dollar from R8.8048 at Tuesday’s close. The local currency was bid at R11.7380 to the euro from its previous close of R11.7112 and at R14.1334 against sterling from R14.1474 before.

The euro was bid at $1.3272 from Tuesday’s close of $1.3309. - I-Net Bridge

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