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.
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