Rand softens on weaker euro‚ imports

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IOL world currency1 Graphic: Renjith Krishnan.

The rand weakened against the US dollar on Thursday afternoon as the euro weakened and import business increased.

“The local currency also has to deal with thin trading volumes. This is one of the main reasons why we are seeing such big movements in the market. The rand should remain stable against the dollar in the long term‚” said Tony van Dyk‚ a currency dealer at the Iquad Group.

At 3.27pm‚ the rand was bid at R8.5761 to the US dollar from its previous close of R8.4783. The local currency was bid at R11.2302 to the euro from its previous close of R11.1735 and at R13.8452 against sterling from R13.7696 before.

The euro was bid at $1.3095 from its overnight close of $1.3184.

“We have seen some demand from importers‚ which can have a big effect on the currency. The rand is tracking the euro‚ which has weakened against the dollar in the last couple of hours‚” Van Dyk said. - I-Net Bridge

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