Rand softer as euro weakens

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IOL world currency1 Graphic: Renjith Krishnan.

The rand was around 5 cents weaker against the US dollar in thin early trade on Friday as the euro weakened against the greenback on uncertainty over the fiscal cliff.

Investors sold off the euro and moved into the greenback - considered a safe haven in times of uncertainty.

“The rand is weaker‚ mainly on the back of the lower euro‚ but it’s still in ranges. It’s a typical December market‚” said a local trader.

At 8.259am‚ the rand was bid at R8.5334 to the US dollar from its previous close of R8.4816. The local currency was bid at R11.2693 to the euro from its previous close of R11.2295 and at R13.8540 against sterling from R13.7965 before.

The euro was bid at $1.3208 from its overnight close of $1.3236.

Local markets are open half day on Monday‚ and are then closed on Tuesday and Wednesday for the Christmas and Day of Goodwill holidays. They will reopen on Thursday December 27. - I-Net Bridge

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