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Rand shrugs off weak GDP figure

The rand was a little stronger at noon on Monday after shrugging off the weak local GDP figure as a soft number was expected.

“The rand strengthened ever so slightly but is trading in narrow ranges. The weak GDP figures did not affect the market as a weak figure was expected. It looks as though the December holiday has hit the currency market already‚ with lacklustre trade prevailing in a narrow range‚” a currency trader said.

Graphic: Renjith Krishnan.

SA's real gross domestic product rose by 1.2% on a quarter on quarter and seasonally adjusted annualised basis in the third quarter of this year from a revised 3.4% (3.2%) in the second quarter‚ Statistics SA data showed on Tuesday.

At 12.03pm‚ the rand was bid at R8.8374 to the US dollar from Monday’s close of R8.8460. The local currency was bid at R11.4501 to the euro from its previous close of R11.4887 and at R14.1565 against sterling from R14.1781 before. - I-Net Bridge

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