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Worst yet…

12 December 2004 Angelo Coppola

The exporter dollar sales helping it shrug off a softer euro, currency traders said.

According to RMB AM and the Business Day, the rand was quoted at R5,8551 to the dollar from an overnight close of R5,8050 on Thursday.

It was quoted at R7,7171 to the euro from a previous R7,7162 and at R11,1690 against the sterling from Thursday's R11,1640.

There were massive exporter offers up to R5,93; hence the rand has bucked the trend despite what the euro-dollar is doing, said a currency trader. He also said that the rand seemed to be stuck in a R5,83 to R5,93 range in the short term.

The rand weakened on Friday morning in line with the euro, which it tends to track because of the euro zone is SA's largest trading partner.

In New York, the dollar posted broad gains on Friday for the third successive session as currency traders took more year-end profits in other currencies in anticipation of higher US interest rates after next week's Federal Reserve meeting.

By late afternoon the euro was down 0,6% at $1,3237, compared with prices in the prior session, and well below the record high of $1,3470 hit earlier last week.

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