Rand softer as labour tensions weigh

Johannesburg – The rand remained under pressure on Friday against major currencies as lingering domestic labour tensions overshadowed the generally positive global backdrop.

A 11.48am‚ the rand was bid at R8.8645 to the US dollar from R8.8127 at Thursday’s close. The local currency was bid at R11.8239 to the euro from its previous close of R11.7799 and at R14.1215 against sterling from R14.0782 before.

Graphic: Renjith Krishnan.

The euro was bid at $1.3349 from Thursday’s close of $1.3374.

“The ongoing farm workers’ strike‚ along with labour tensions in the platinum sector‚ continues to dent foreign investor sentiment around SA‚” said Henry Flint‚ head of research at Thebe Stockbroking.

Meanwhile‚ Anglo American Platinum and the Department of Mineral Resources have agreed to engage “positively” during the next 90 days to discuss the former’s business review proposals‚ which entail laying off 14‚000 employees. - I-Net Bridge