Sponsored Links:
Graphic: renjith krishnan
The rand stayed firm against the dollar in afternoon trade on Wednesday. It was mirroring a euro that moved to its strongest level since December 2011 against the dollar on hopes that a deal to restructure the Greek government's debt would be forthcoming shortly.
“We are just following the euro stronger. If we can close below 7.50, then we could see a further rally into the weekend as exporters cover their positions,” a local currency trader said.
At 16:44 local time, the rand was bid at R7.5403 to the dollar from its previous close of R7.5579 and today's strongest level of R7.5139. It was bid at R10.0002 to the euro from R10.0159 before, and at R11.9696 against sterling from R12.0110 previously.
The euro was bid at US$1.3270 from its previous close of US$1.3248.
Meanwhile, Dow Jones Newswires reported that the European Central Bank has made key concessions over its holdings of Greek government bonds, which will contribute to a reduction of the country's debt burden and smooth the path toward a new bailout. This would allow the Greek government to sign a deal soon clearing the way for a second bailout that will allow it to avoid a virtually certain default in mid-March. - I-Net Bridge
|
|
 |
 |
 |
 |
 |
Services
Buying a car has never been easy. Motoring.co.za contains a large database of car listings with a user friendly search.
Start searching today »
Financial Tools
Business Directory
You are here: IOL / Business / Markets / Currencies / Rand stays firm on Greek deal hopes
We like to make your life easier
Mobile
Browse IOL on your phone at m.iol.co.za.
Newsletters
Subscribe to our newsletters. News delivered to your inbox!
Comment Guidelines