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Rand weakens on New York inactivity

October 29 2012 at 04:27pm
By Roy Downing

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Johannesburg‚ Oct 29 (I-Net Bridge) - The rand weakened on Monday afternoon as a lack of activity due to the closure of markets in the United States‚ caused by Hurricane Sandy‚ frustrated traders.

At 3.25pm‚ the rand was bid at R8.6795 to the US dollar from Friday's close of R8.6622. It was bid at R11.1993 the euro from its previous close of R11.1745 and at R13.9185 against sterling from R13.9027 before.

The euro was bid at $1.2901 from Friday's close of $1.2922.

“There is nothing in the market at the moment. The fact that New York is closed due to hurricane Sandy has caused no major movement in the US dollar; we had the earlier weakening of the rand due to a softer euro against the dollar‚” said Tony van Dyk‚ a currency dealer from the Iquad Group.

3.25pm Bids Range so far Previous Close

(1.25pm GMT)

Dollar/rand 8.6795 8.6354 - 8.7149 8.6622

Euro/rand 11.1993 11.1631 - 11.2436 11.1745

Sterling/rand 13.9185 13.8829 - 13.9924 13.9027

Euro/dollar 1.2901 1.2885 - 1.2942 1.2922

-I-Net Bridge


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