During the period between the 10th and the 17th of September one Great British Pound fetched between R13.08 and R13.43 South African Rands. The South African Rand also fetched between R8.15 and R8.33 to one United States Dollar.
"The concerns persist. We are not seeing foreign demand for our bonds and by and large they're unlikely to participate while there's uncertainty in the backdrop," said Brigid Taylor, Head of Institutional Sales at Nedbank. (fin24.com)
There was some good news this week for the Rand, after the German courts ratified the rescue package for the Euro zone, thus ensuring the safeguarding of the Euro, for now. This in turn has a positive effect on the Rand as the Euro remains one of South Africa’s big trading partners.
Come week end, the Rand dipped again against major currencies again as striking mine workers rejected a wage offer by Lonmin, thus ensuring the strike will at least drag into next week.
Investors will be keeping a keen eye on news feeds coming out of South Africa on Monday as Lonmin tabled a new offer to the unions of the striking miners late on Friday, which they are expected to respond to on Monday midday. If miners accept the offer we can expect a bit of stabilisation for the Rand, but if this “final” offer is rejected the Rand may follow in last week’s footsteps. GBP / ZAR: 13.395
EUR / ZAR: 10.801
USD / ZAR: 8.242
Correct at 07:53 UK time 18th September 2012.
:: Note: The above exchange rates are based on "interbank" rates.
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