Graphic: renjith krishnan

Johannesburg – Sustained foreign selling in an environment of negative sentiment kept the rand above R9/$ in afternoon trade on Tuesday.

Momentum on the negative side pushed the local currency to reach almost R9.13/$ earlier in the day.

“The so called new video evidence from Marikana and ongoing strike at Medupi haven’t helped‚” said Ockert van Niekerk‚ head of trading at PSG.

“After a positive start‚ we’ve seen net selling of foreigners this year.”

At 3.53pm‚ the rand was bid at R9.0560 to the US dollar from R9.0897 at Monday’s close and R8.9422 at Friday’s close. The local currency was bid at R12.1757 to the euro from its previous close of R12.2265 and at R14.2294 against sterling from R14.2652 before. The euro was bid at $1.3446 from Monday’s close of $1.3447.

“We haven’t broken through R9.20 but we could see that in the next session or two‚” Van Niekerk warned. - I-Net Bridge