Rand at 8.14 against the US dollar

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IOL world currency3 Graphic: renjith krishnan

The rand recovered to below the 8.15 to the US dollar level in late trade on Monday as the euro/US dollar re-tested the 1.24 level in an otherwise quite market.

At 15:58 local time the rand was bid at R8.1457 to the dollar from Friday’s close of R8.1441. It was bid at R10.0939 to the euro from its previous close of R10.0799 and at R12.6823 against sterling from R12.7183 before.

The euro was bid at US$1.2398 from $1.2389.

“Trading overall has been completely lacklustre. The rand has pretty much reflected the euro/US dollar‚ which has been reasonably stable today‚ compared to last week’s big swings‚” said a local trader.

With no major data due in the US and after last week's barrage of central-bank meetings and key monthly reports‚ the market in the world’s biggest economy was also likely to be relatively quiet‚ Dow Jones Newswires reported.

The big themes remained investors’ concerns about the eurozone's debt and economic problems‚ while US growth was slow‚ they said. - I-Net Bridge


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