The rand was softer against the dollar in afternoon trade as importers bought dollars to meet their commitments.
|||The rand was softer against the dollar in afternoon trade on Thursday as importers bought dollars to meet their commitments.
“We have been busier than normal after the rand moved back above 7.60, which prompted importers to cover their needs,” a local trader said.
At 16:33 local time, the rand was bid at R7.5876 to the dollar from its previous close of R7.5583. It was bid at R10.0940 to the euro from R10.0115 before, and at R12.0328 against sterling from R11.9450 previously.
The euro was bid at US$1.3294 from its previous close of US$1.3247.
Meanwhile, Dow Jones Newswires reported that the long-awaited Greece deal had finally been reached. Leaders of the three political parties backing Greece's caretaker government agreed on Thursday on an austerity package to comply with demands set by international creditors for another bailout deal, according to a spokesman for Prime Minister Lucas Papademos's office.
“An agreement among political leaders has been reached on all matters. A statement will come out shortly,” the spokesman said. - I-Net Bridge
Source: http://www.iol.co.za/rand-softer-on-importer-demand-1.1231001
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