ANL 33.20 Decreased By ▼ -1.15 (-3.35%)
ASC 15.43 Increased By ▲ 1.03 (7.15%)
ASL 23.86 Decreased By ▼ -0.14 (-0.58%)
AVN 89.25 Decreased By ▼ -2.20 (-2.41%)
BOP 7.78 Increased By ▲ 0.08 (1.04%)
BYCO 9.71 Increased By ▲ 0.07 (0.73%)
DGKC 115.00 Decreased By ▼ -0.50 (-0.43%)
EPCL 50.50 Decreased By ▼ -0.51 (-1%)
FCCL 23.40 Increased By ▲ 0.10 (0.43%)
FFBL 26.40 Increased By ▲ 0.40 (1.54%)
FFL 16.18 Increased By ▲ 0.28 (1.76%)
HASCOL 9.29 Increased By ▲ 0.29 (3.22%)
HUBC 79.00 Increased By ▲ 0.05 (0.06%)
HUMNL 6.10 Decreased By ▼ -0.15 (-2.4%)
JSCL 20.40 Increased By ▲ 0.24 (1.19%)
KAPCO 40.21 Increased By ▲ 0.05 (0.12%)
KEL 3.90 Decreased By ▼ -0.09 (-2.26%)
LOTCHEM 14.20 Decreased By ▼ -0.15 (-1.05%)
MLCF 44.50 Decreased By ▼ -0.50 (-1.11%)
PAEL 32.27 Decreased By ▼ -0.27 (-0.83%)
PIBTL 9.99 Increased By ▲ 0.15 (1.52%)
POWER 8.80 Decreased By ▼ -0.05 (-0.56%)
PPL 82.80 Increased By ▲ 1.21 (1.48%)
PRL 24.95 Increased By ▲ 1.31 (5.54%)
PTC 9.26 Increased By ▲ 0.04 (0.43%)
SILK 1.35 Decreased By ▼ -0.02 (-1.46%)
SNGP 43.68 Increased By ▲ 1.88 (4.5%)
TRG 182.80 Increased By ▲ 4.62 (2.59%)
UNITY 41.25 Increased By ▲ 2.87 (7.48%)
WTL 1.68 Decreased By ▼ -0.01 (-0.59%)
BR100 4,959 Increased By ▲ 32.4 (0.66%)
BR30 25,887 Increased By ▲ 233.44 (0.91%)
KSE100 45,982 Increased By ▲ 191.46 (0.42%)
KSE30 18,826 Increased By ▲ 108.77 (0.58%)

Coronavirus
VERY HIGH
Pakistan Deaths
19,752
13524hr
Pakistan Cases
882,928
256624hr
Sindh
299,913
Punjab
328,775
Balochistan
23,931
Islamabad
79,371
KPK
127,224
Markets

South Africa's rand rallies in thin trade, eyes 7.9050

JOHANNESBURG: South Africa's rand touched a fresh 7-day high against the dollar on Wednesday, mainly taking its cue fr
21 Dec 2011

randJOHANNESBURG: South Africa's rand touched a fresh 7-day high against the dollar on Wednesday, mainly taking its cue from a resurgent euro in the absence of market-moving domestic news and data as the year winds down.

Government bonds also rose and yields dropped amid renewed investor appetite for emerging market assets which have seen a heavy sell-off in recent months on concerns about the debt crisis in the euro zone.

The rand was trading 0.9 percent firmer at 8.1250 against the greenback by 0644 GMT, compared with Tuesday's close of 8.1990. It briefly touched 8.1052 earlier on Wednesday, its strongest level since Dec. 12

"We're supported by the euro at the moment and the euro has gained quite nicely," RMB trader Lee Naisbitt said, adding the rand's next target would be 8.08. A breach of that would open up another rally to 8.04 and possibly 7.9050, he added.

Because a large chunk of players were out of the market for their year-end holidays, currency moves tended to be exaggerated.

"But the theme is stronger for the rand and we should see a firmer tone going forward. (The euro) is looking a bit more positive than it has been in some time and I think the rand is going to take some gains from that," Naisbitt said.

Government bonds edged higher and yields were inversely lower, with the four-year bond and the longer-dated 2026 each dropping eight basis points to 6.81 percent and 8.555 percent respectively.

Copyright Reuters, 2011