Subscribe & Follow

Advertise your job vacancies

Rand steady at R9.87 to the dollar

12 Sep 2013

The rand was steady in early trade on Thursday (12 September) as it consolidated its gains since August.

"Overseas investors seem to have got over their taper tantrum and are once again buying emerging market assets. At these levels we seem to be overbought‚ especially given the poor Australian employment figures‚ but for now we are holding steady‚" a local trader said.

In morning trade the rand was bid at R9.8708 to the dollar compared with Wednesday's close of R9.8675 and Tuesday's close of R9.9755. On 28 August it touched its worst level since December 2008 at R10.5084.

Against the euro‚ the rand was bid at R13.1377 from its previous close of R13.1288 and a worst level of R14.0609 on August 28.

The rand was at R15.6060 against sterling from R15.5985 at its previous close.

The euro was bid at US$1.3304 compared with US$1.3307 at Wednesday's close and $1.3263 at Tuesday's close.

"The rand enjoyed some extended short-covering on the back of broad-based US dollar weakness and lower US Treasury yields during the Wednesday trading session‚ as participants pared back some of their US tapering expectations‚" Absa Research said in its morning report.

"Rand participants are still showing little regard for lingering industrial action in SA and we doubt this afternoon's domestic mining data will have a material impact on rand proceedings either," the bank added.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za