Rand at 8.20 against US dollar

Comment on this story
IOL world currency1 Graphic: Renjith Krishnan.

The rand continued to strength in afternoon trade on Friday‚ with the European Union deal remaining the main catalyst for improved risk appetite.

At 15:48 the rand was bid at R8.2081 to the dollar from its previous close of R8.3979. It was bid at R10.3920 to the euro from its previous close of R10.4569 and at R12.8708 against sterling from R13.0315 before. The euro was bid at US$1.2665 from its previous close of $1.2446.

“The current rally could also be window dressing before the end of the month and quarter‚” said Mike Keenan‚ sub-Saharan currency strategist at Absa Capital. “Markets will turn their attention to China’s PMI data for June‚ due out on Sunday‚ to gauge the direction of the global economy.”

European leaders at a two-day summit in Brussels said they would speed plans to create a single supervisor for the eurozone's banks. They agreed that the eurozone's bailout funds should be able to directly boost the capital of struggling banks‚ without adding to government debt‚ Dow Jones Newswires reported. - I-Net Bridge

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines