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Rand stabilises on exporter interest

28 Aug 2013

The rand was relatively stable at midday on Wednesday (28 August) after falling to its lowest levels since December 2008 in early-morning trade as ongoing tensions in Syria rattled financial markets.

"We saw some exporter interest when the rand hit the R10.50/$ level which helped cap further weakness in the local unit‚" Nedbank head of spot forex trading William Van Rijn said.

"At the moment‚ the market is relatively quiet (and) characterised by a lack of liquidity‚" Van Rijn said.

At 12.06am‚ the rand was bid at R10.3977 to the dollar from Tuesday's (27 August) close of R10.3833.

Against the euro‚ the rand was bid at R13.9050 from its previous close of R13.9119 and was at R16.1069 against sterling from R16.1524 at its previous close.

The euro was bid at US$1.3373 from US$1.3391 at Tuesday's close and $1.3373 at Monday's close.

Source: I-Net Bridge

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