Rand weaker after gaining on Ramaphosa

The rand was slightly weaker before noon on Wednesday after it had strengthened on Tuesday on Cyril Ramaphosa’s election as deputy president of the ANC at Mangaung.

“No surprises from Mangaung. Ramaphosa’s election as deputy president is good news for business because he has been on both sides; this is also good for investors‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.

Graphic: Renjith Krishnan.

At 11.34am‚ the rand was bid at R8.4747 to the US dollar from its previous close of R8.4468 on Tuesday. The local currency was bid at R11.2438 to the euro from its previous close of R11.1778 and at R13.8019 against sterling from R13.7285 before.

The euro was bid at $1.3265 from Tuesday’s close of $1.3227.

“Over in the US there has been some discussion on the fiscal cliff; it seems like be will be averted. If this happens markets will take on more risk‚ which will support the rand‚” he said. - I-Net Bridge