Rand keeps weaker bias in late trade

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IOL world currency1 Graphic: Renjith Krishnan.

The rand maintained a softer bias in late trade on Tuesday despite the euro clawing back earlier losses against the US dollar following France’s sovereign downgrade.

At 3.57pm‚ the rand was bid at R8.8596 to the US dollar from Monday’s close of R8.8498 and compared with R8.81 at around 6pm on Monday.

The local currency was bid at R11.3509 to the euro from its previous close of R11.2928 and at R14.1025 against sterling from R14.0554 before.

The euro was bid at $1.2810‚ from Monday’s close of $1.2766.

Global rating agency Moody's Investors Service cut France's credit rating to Aa1 from Aaa on Tuesday‚ keeping a negative outlook on the rating‚ in line with rating agency Standard & Poor's downgrade in January. - I-Net Bridge

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