KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL

FANews
FANews
RELATED CATEGORIES
Category Investments

Limited damage

09 September 2004 Angelo Coppola

The rand was weaker against the dollar in late afternoon trade yesterday after weekly jobless claims data in the US gave the dollar a lift.

RMB and Business Day report that market analysts saw the rand's losses as limited ahead of key US foreign trade data due out on Friday.

In late afternoon, the rand was quoted at R6,6753 to the dollar from R6,6436 on Wednesday. It was quoted at R8,1095 to the euro from a previous R8,0771 and at R11,898- against sterling from Wednesday's close of R11,8700.

There was some encouraging weekly jobless figures out of the US and the dollar made back a bit of ground on that, so the rand crept a bit weaker on that, a market analyst said.

The analyst cautioned that should the rand break R6,75, it would fall to R7 fairly quickly, with the next meaningful support level at about R7,14. The dollar clung to most of its recent losses as upbeat economic data failed to give currencies new direction yesterday.

While marginally down against the euro and Swiss Franc, the US currency managed to clock modest gains against sterling as well as the yen, which hampered by a drop in Japanese machine orders and a soft equity market.

Quick Polls

QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

ANSWER

Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
fanews magazine
FAnews November 2021 Get the latest issue of FAnews

This month's headlines

New proposals to amend PPRs have major impact
The untold truth about intermediary agreements
Rethinking claims
Tik-Tok: The clock is ticking on SA’s R45 billion unclaimed benefits bomb
Medical schemes’ average increases for 2022
Disability claims aggregation
Subscribe now