Rand at 8.14 against the US dollar

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Graphic: Renjith Krishnan.

The rand was slightly weaker in afternoon trade from earlier levels‚ pushing towards the 8.15/US dollar level‚ off low volumes.

At 3.50pm local time the rand was bid at R8.1482 to the dollar from Monday’s close of R8.1491. It was bid at R10.0567 to the euro from its previous close of R10.0515 and at R12.7761 against sterling from R12.7775 before.

The euro was bid at US$1.2343 from $1.2335.

The euro flip-flopped against the dollar as data showing the eurozone economy close to recession dented the early positive sentiment generated from better-than-expected French and German data‚ Dow Jones Newswires reported.

The single currency started the European session strongly‚ rising to a one-week high against the buck after data showing some growth in Germany and stagnation in France - performances that were both better than economists polled by Dow Jones Newswires had expected - boosted sentiment toward currencies perceived as risky bets.

But the positive momentum didn't last as data showing the 17-country currency bloc's gross domestic product contracted in the second quarter pulled the euro down against the dollar and weighed on the pound and commodity-linked currencies of Australia‚ New Zealand‚ Canada and South Africa. - I-Net Bridge


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