Rand weakens on import demand

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IOL business dec3 rand notes 2 . File photo: AP

Johannesburg - The rand weakened on Wednesday afternoon as import demand increases.

"It has been a very active day for the rand‚ it started firmer due to the stronger euro which was due to the fiscal cliff. It has weakened on the back of strong importer demand‚" said Tony van Dyk‚ a currency dealer from the Iquad Group.

At 3.29pm‚ the rand was bid at R8.4830 to the US dollar from its previous close of R8.4517. The local currency was bid at R11.2495 to the euro from its previous close of R11.1520 and at R13.8105 against sterling from R13.7227 before.

The euro was bid at $1.3263 from its overnight close of $1.3197.

"The JSE all share index hit an all-time high today; when the people are buying shares the local currency weakens‚" Van Dyk said.

3.29pm Bids Range so far Previous Close

(1.29pm GMT)

Dollar/rand 8.4830 8.4082 - 8.4863 8.4517

Euro/rand 11.2495 11.1435 - 11.2548 11.1520

Sterling/rand 13.8105 13.7197 - 13.8219 13.7227

Euro/dollar 1.3263 1.3191 - 1.3299 1.3197

- I-Net Bridge

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