Rand: Slight recovery this morning.

24 January 2013 - James Larkin

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Rand: Slight recovery this morning


After Wednesday's drastic fall of the Rand of 2.3 percent to its lowest in almost 4 years, it recovered mildly in the early trade of Thursday.

The reason for the sudden weakening had been the lowering of the forecast for economic growth by the International Monetary fund to 2.8 percent for this year.

Strikes in the mining industry and lower exports to Europe had slowed down the economy last year. The government’s forecast was 3 percent.

Short before 10 o'clock the Rand stood at R 9.0292 against the US dollar – at Wednesday's close it still was bid at R 9.0626. Since the beginning of the year the Rand already showed signs of weakening.

Against the Euro, the Rand stood at R 12.0386 and against Sterling it was bid at R 14.2988. The Euro reached $1.3340 after yesterday's close of $1.3307.

 

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