Rand tracks euro lower

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IOL world currency1 Graphic: Renjith Krishnan.

The rand slipped against the US dollar during the midday session on Monday‚ as the euro/US$ pulled away from the best level of the session. Dealers said trading remain muted in the absence of new market moving data.

At 11:43 local time the rand was bid at R8.1696 to the dollar from Friday’s close of R8.1441. It was bid at R10.0990 to the euro from its previous close of R10.0799 and at R12.7115 against sterling from R12.7183 before.

The euro was bid at US$1.2361 from $1.2389.

“The euro/USD has pulled back from the session highs‚ hence the rand followed suit‚ but the market overall is muted‚” said a local trader.

RMB said in a note that global markets were stronger this morning than at any stage last week but none of the uncertainty over Europe or the global economy had been resolved.

“Stepping back somewhat‚ it seems the rand is still far too weak. Its compatriot high-yielding currencies have rallied hard and risk appetite remains strong. There is still no explanation for the rand’s underperformance‚” RMB said. - I-Net Bridge

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