Rand flat after euphoria wanes

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IOL bus dec23 jse Independent Newspapers File photo: Leon Nicholas.

Johannesburg - The rand was flat just before noon on Wednesday after the initial euphoria of the US averting the fiscal cliff waned.

"In the short-term we have seen the rand strengthen on the back of the fiscal cliff news. Investors are taking this opportunity to increase their appetite for equities‚" Vunani Private Clients global market analyst Kuziva Muganiwa said.

At 11.55am‚ the rand was bid at R8.4605 to the US dollar from its previous close of R8.4517. The local currency was bid at R11.2179 to the euro from its previous close of R11.1520 and at R13.7966 against sterling from R13.7227 before.

The euro was bid at $1.3264 from its overnight close of $1.3197.

"Currencies such as the euro have firmed up‚ which has boosted the rand. Investors are likely to continue to get into these types of investments for some time‚" he said.

11.55am Bids Range so far Previous Close

(9.55am GMT)

Dollar/rand 8.4605 8.4082 - 8.4628 8.4517

Euro/rand 11.2179 11.1435 - 11.2355 11.1520

Sterling/rand 13.7966 13.7197 - 13.8141 13.7227

Euro/dollar 1.3264 1.3191 - 1.3299 1.3197

- I-Net Bridge

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