Rand weakens on imports

Comment on this story


IOL world currency3

Graphic: renjith krishnan

The rand weakened before noon on Thursday as it started to follow its historic trend.

“There is a lot of import action happening at the moment which is weakening the local currency; usually the rand starts to weaken at the start of the year‚” said Ockert van Niekerk‚ head of trading at PSG.

At 11.18am‚ the rand was bid at R8.5257 to the US dollar from its previous close of R8.4783. The local currency was bid at R11.2204 to the euro from its previous close of R11.1735 and at R13.8365 against sterling from R13.7696 before.

The euro was bid at $1.3162 from its overnight close of $1.3184.

“The rand is slipping at the moment - it usually has a good run in the latter part of December‚ before weakening again‚” Van Niekerk said. - I-Net Bridge


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks

Business Directory