Rand fractionally weaker on thin trade
Currencies / 10 Jan '13, 3:16pm
The rand weakened against the US dollar before noon on Thursday as thin trading volumes weighed on the local currency.
“We are still experiencing very thing trading conditions and there is no new news out at the moment which could push the rand in any direction. Normal trading volumes should return next week‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.
Graphic: Renjith Krishnan.
At 11.39am‚ the rand was bid at R8.6094 to the US dollar from its previous close of R8.5999 on Wednesday. The local currency was bid at R11.2450 to the euro from its previous close of R11.2201 and at R13.7961 against sterling from R13.7621 before.
The euro was bid at $1.3070 from its overnight close of $1.3053.
“The current unrest in the farming sector in the Western Cape has been offset by positive economic data from Germany‚ the eurozone’s biggest economy‚” Kalkwarf said. - I-Net Bridge