Advertise with

Rand slides after retail sales data
Rand slides after retail sales data

Rand slides after retail sales data


Fin24 - Mar 15th 2012, 15:49

Johannesburg - The rand slid against the dollar in late afternoon trade on Wednesday after worse than expected local retail sales data as well as strong support for the greenback against the euro following remarks made yesterday by the Federal Open Market Committee (FOMC).

"The weaker euro and the bad retail sales data are the culprits when it comes to the rand," Anton Grobbelaar, managing director of Peritus Forex Solutions, said.

"If the dollar rand closes above 7.62, we'll soon be looking at the 7.76 level," he added.

At 15:39 local time, the rand was bid at R7.6555 to the dollar from its previous close of R7.5292 - a drop of 1.73%. It was bid at R9.9918 to the euro from R9.8453 before, and at R12.0125 against sterling from R11.8215 previously.

The euro was bid at $1.3052 from its previous close of $1.3080. 

Read more about: us dollar | retail sales | rand | forex

Related News

Retail sales increase more than expected
18/09/2014 - 13:49
Retail sales rose a much more than expected 2.4% year on year in July after contracting by 0.9% in June, Statistics SA figures showed on Wednesday.

Why the rand is so weak
16/09/2014 - 13:28
The South African rand has broken past R11.00 to the US dollar, and prospects are not looking good for the currency heading to the last quarter of the year.

Rand flirts with R11 to the dollar
10/09/2014 - 14:09
The South African rand was dangerously close to breaching R11 to the dollar on Wednesday 10 September 2014, as the country’s current account deficit widened amid slight economic recovery.

SA’s foreign exchange, gold reserves decreased in August
08/09/2014 - 10:28
The South African Reserve Bank’s dollar-denominated holdings of gold and foreign assets decreased by $123m to $49.767bn in August, data released by the Bank on Friday showed.

Rand slips to week low
03/09/2014 - 09:35
Johannesburg - South Africa's rand fell to its lowest level in a week against the dollar on Tuesday, as another indicator showing domestic economic weakness and a public holiday in the United States combined to push the currency lower.