Rand remains weaker in thin trade

The rand remained on the back foot on Monday in a quiet afternoon session.

At 3.56pm‚ the rand was bid at R8.5855 to the US dollar from its previous close of R8.5549 on Friday. The local currency was bid at R11.2145 to the euro from its previous close of R11.1773 and at R13.7873 against sterling from R13.7532 before.

The euro was bid at $1.3063 from its overnight close of $1.3067.

“We are still experiencing some unrest and uncertainty in the South African mining and farming industries and this is weakening the rand. Comments from the Fed last week about them probably not continuing with quantitative easing have also taken their toll on the rand‚” said Mark Kalkwarf‚ a senior account manager from the Iquad Group. - I-Net Bridge