Rand weakens‚ but still fairly strong

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IOL world currency1 Graphic: Renjith Krishnan.

The rand remained weaker before noon on Tuesday as traders eyed developments at the ANC’s elective conference in Mangaung and worries about the US fiscal cliff.

“The rand is weaker today after strengthening significantly on Friday and yesterday. It strengthened as it looked certain that the US will avoid the fiscal cliff‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.

At 11.56am‚ the rand was bid at R8.5544 to the US dollar from its previous close of R8.5218. The local currency was bid at R11.2646 to the euro from its previous close of R11.2135 and at R13.8664 against sterling from R13.8032 before.

The euro was bid at $1.3175 from Monday’s close of $1.3160.

“One more reason why the rand is significantly stronger compared to its level through the year was due to the uncertainties surrounding leadership at the ANC’s elective conference in Mangaung‚” Kalkwarf added. - I-Net Bridge

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