adminJOHANNESBURG. – After hitting an all-time low against the dollar a day earlier, the rand staged some recovery against the greenback in early trade yesterday despite relatively weak Chinese trade data. China’s exports fell 5,5 percent in August from a year ago in dollar terms after a drop of 8,3 percent in July, according to official data. Imports in the review period fell 13,8 percent from a year earlier compared with a 8,1 percent decrease in July.
“These numbers do not bode well for commodity exporters to China-SA being one of them of course – and so the sell-off in risky assets probably won’t end today,” Standard Bank trader Warrick Butler said.
The rand slid to 14,01 to the dollar on Monday, pulled down by weaker investor sentiment towards emerging-market and commodity currencies.
But at 8.42am, the rand was at 13,9014 to the dollar from Monday’s close of 13,9717. The rand was at 15,5837 against the euro from 15,5957 previously and was at 21,3810 against the pound 21,3318. The euro was $1,1210 from $1,1172. – BDLive.
Online Reporter