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Rand weakens on Amplats strike

27 Sep 2013

The rand was softer on Friday morning (27 September)‚ breaching R10 to the dollar on news of a strike in the platinum mining sector.

At 9.18am‚ the rand was bid at R10.0167 to the dollar‚ compared with R9.9884 at Thursday's close.

Against the euro‚ the rand was bid at R13.5206 from its previous close of R13.4696 and at R16.1059 against sterling from R16.0158 at its previous close.

The euro was bid at US$1.3495 compared with US$1.3486 at Thursday's close.

"The Association of Mineworkers and Construction Union (Amcu) went ahead with their strike this morning‚ which has been negative for the rand‚" Iquad Group currency dealer Tony van Dyk said.

"This has added to the general risk aversion surrounding emerging-market currencies‚ which have battled against the dollar in the last few days‚" he said.

Earlier this week‚ Amcu leader Joseph Mathunjwa said the union would consider calling off the planned action if Anglo American Platinum reversed a decision to cut 3 300 jobs.

Source: I-Net Bridge

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