CIPS News


Rand recovers earlier losses

CIPS 26 September 2011

Rand recovers earlier losses

Rand at the level it closed at on Friday after earlier falling as much as 2,8% to the dollar

South Africa’s rand reversed its earlier losses against the dollar in volatile trade on Monday, and government bonds also turned firmer, but underlying weakness remains over concerns about euro zone debt.

The rand, which earlier fell as much as 2,8% to the dollar, was at 8,12 by 11:10, the level it closed at on Friday. The yield on the four-year bond fell 12 basis points to 7,02% while that for the 2026 bond was 5,5 basis points lower at 8,615%.

The JSE dipped below 30,000 points in line with trading in Asia, amid investor uncertainty over how leaders in Europe hope to tackle the debt crisis besetting the region.

By 11:10 local time, the JSE all-share index had lost 0,93%.

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