Rand weakens in thin afternoon trade

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IOL bus oct30 jse Independent Newspapers File photo: Leon Nicholas

Johannesburg - The rand weakened against the US dollar on Friday afternoon in a quiet market‚ as most traders are away on holiday.

"There is really nothing happening at the moment‚ as most businesses are closed for the rest of the year - volumes are very thin indeed‚" said Tony van Dyk‚ a currency dealer from the Iquad Group.

At 3.57pm‚ the rand was bid at R8.4954 to the US dollar from its previous close of R8.4778 on Thursday. The local currency was bid at R11.2191 to the euro from its previous close of R11.2293 and at R13.6990 against sterling from R13.6571 before.

The euro was bid at $1.3209 from its overnight close of $1.3247.

"We are looking at the US fiscal cliff - if an agreement is struck it will be very good for the rand. If there is no agreement‚ the rand will weaken further‚" Van Dyk said.

3.57pm Bids Range so far Previous Close

(1.57pm GMT)

Dollar/rand 8.4954 8.4680 - 8.5214 8.4778

Euro/rand 11.2191 11.1919 - 11.2693 11.2293

Sterling/rand 13.6990 13.6468 - 13.7318 13.6571

Euro/dollar 1.3209 1.3164 - 1.3257 1.3247

- I-Net Bridge

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