Rand weakens on low demand

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IOL world currency1 Graphic: Renjith Krishnan.

The rand weakened on Thursday afternoon as international demand for local bonds and equities subsided.

“The rand has been supported by the recent demand for local bonds and equities. Today‚ however‚ we have seen a pause in that demand as traders have been taken profits‚” said Ockert van Niekerk‚ head of trading at PSG.

At 3.26pm‚ the rand was bid at R8.6425 to the US dollar from its previous close of R8.5999 on Wednesday. The local currency was bid at R11.3374 to the euro from its previous close of R11.2201 and at R13.8649 against sterling from R13.7621 before.

The euro was bid at $1.3117 from its overnight close of $1.3053.

“The unrest in the farming sector has also weighed heavily on the local currency‚” Van Niekerk said. - I-Net Bridge


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