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Rand loses as dollar strengthens

The rand lost further ground in late trade on Thursday (1 August) amid dollar strength following the release of stronger US manufacturing data for July.

By Andries Mahlangu

2 Aug 2013

In late afternoon trade the rand was bid at R9.9457 to the dollar after closing at R9.8532 on Wednesday (31 July).

The local currency was bid at R13.1591 to the euro from its previous close of R13.0984 and was at R15.0635 against sterling from R14.9540 at its previous close.

The euro was bid at US$1.3234 from US$1.3295 at Wednesday's close.

The US Institute for Supply Management (ISM) said its July manufacturing index rose to a two-year high last month‚ although the US Commerce Department noted a surprise decline in construction spending‚ Dow Jones Newswires reported.

The ISM index came in at 55.4 for July‚ up from 50.9 in June and ahead of what the 52 economists polled were expecting.

"The US dollar remains the currency of choice and a firmer trend may continue depending on the US non-farm payrolls report on Friday‚" Bidvest Bank's chief currency dealer in Johannesburg Ion de Vleeschauwer said.

Source: I-Net Bridge

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