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Rand weaker on import demand

January 4 2013 at 04:17pm

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Graphic: renjith krishnan

The rand weakened on Thursday afternoon as traders eyed the euro for direction‚ and imports continued to increase.

“The rand is still tracking the euro‚ which lost ground when the US Fed hinted that it was unlikely that there would be another round of quantitative easing‚” said Tony van Dyk‚ a currency dealer at the Iquad Group.

At 3.45pm‚ the rand was bid at R8.6286 to the US dollar from its previous close of R8.5878 on Thursday. The local currency was bid at R11.2393 to the euro from its previous close of R11.1809 and at R13.8294 against sterling from R13.7981 before.

The euro was bid at $1.3023 from its overnight close of $1.3023.

“We are not expecting the rand to weaken by that much in the next couple of days‚” Van Dyk said. - I-Net Bridge


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