Global growth jitters knock rand

Graphic: renjith krishnan

Graphic: renjith krishnan

Published Jun 22, 2012

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The rand remained both under pressure and volatile in afternoon trade on Friday amid global economic growth jitters.

At 15:52 the rand was bid at R8.3905 to the dollar from its previous close of R8.3794. It was bid at R10.5409 to the euro from its previous close of R10.5095 and at R13.0797 against sterling from R13.0614 before.

The euro was bid at US$1.2566‚ from its previous close of $1.2544.

Currency traders awaited the outcome of political eurozone meetings in Rome and Luxembourg and remained cautious ahead of next week's summit of European Union leaders‚ Dow Jones Newswires reported.

The euro earlier today extended the sharp fall seen in US hours on Thursday as dealers in Europe digested the downgrade of 15 major financial companies by ratings firm Moody's Investors Service.

“Thursday’s vicious global moves highlighted that risk remains elevated. Some weakness in the rand is justified‚” RMB said in a note today. - I-Net Bridge

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