Rand weakens on imports

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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

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