adminJohannesburg — The rand was marginally firmer at midday yesterday against the dollar, which was slightly on the back foot due to concern that US non-farm payrolls data could disappoint. At 11.59am, the rand was at R11.0663 to the dollar from its close of R11.0839. Against the euro, the rand was at R14.9503 from Tuesday’s close of R14.9810 and was at R17.9950 against the pound from a close of R18.0973.
The euro was at $1.3516, unchanged from its previous close. Bidvest Bank chief forex dealer Ion de Vleeshauwer said the dollar was taking strain because markets were cautious ahead of the nonfarm payrolls data due out on Friday.
“If the figures disappoint, it might alter the US Federal Reserve’s thinking in terms of how aggressively they will be about tapering. Concern about a weaker print has helped the rand.
The Russian rouble and the Turkish lira are also firmer as there has been a slight improvement in the emerging markets underpinning emerging-market currencies,” he said. — Businessday
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