Rand weaker‚ eyes North Korea

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IOL world currency1 Graphic: Renjith Krishnan.

The rand weakened on Wednesday afternoon as traders looked for direction in very thin trading conditions.

“There is nothing really happening on the rand. Traders are eyeing happenings in North Korea‚ after it successfully launched a rocket‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.

At 3.38pm‚ the rand was bid at R8.6848 to the US dollar from Tuesday’s close of R8.6560. The local currency was bid at R11.3207 to the euro from its previous close of R11.2594 and at R14.0092 against sterling from R13.9467 before.

The euro was bid at $1.3037 from Tuesday’s close of $1.3011.

“The rand is still very much range bound at the moment‚” Kalkwarf said. - I-Net Bridge

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