ANL 34.32 Decreased By ▼ -0.20 (-0.58%)
ASC 14.85 Decreased By ▼ -0.31 (-2.04%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 90.24 Decreased By ▼ -4.76 (-5.01%)
BOP 7.79 Decreased By ▼ -0.08 (-1.02%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 124.20 Decreased By ▼ -2.40 (-1.9%)
EPCL 56.30 Decreased By ▼ -0.86 (-1.5%)
FCCL 24.31 Decreased By ▼ -0.19 (-0.78%)
FFBL 27.60 Decreased By ▼ -0.36 (-1.29%)
FFL 16.05 Increased By ▲ 0.01 (0.06%)
HASCOL 9.74 Decreased By ▼ -0.28 (-2.79%)
HUBC 80.00 No Change ▼ 0.00 (0%)
HUMNL 6.44 Decreased By ▼ -0.01 (-0.16%)
JSCL 20.50 Increased By ▲ 0.09 (0.44%)
KAPCO 40.21 Decreased By ▼ -0.73 (-1.78%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.25 Decreased By ▼ -0.99 (-5.74%)
MLCF 46.60 Decreased By ▼ -0.31 (-0.66%)
PAEL 35.10 Decreased By ▼ -1.07 (-2.96%)
PIBTL 10.33 Decreased By ▼ -0.16 (-1.53%)
POWER 9.25 Decreased By ▼ -0.10 (-1.07%)
PPL 85.50 Decreased By ▼ -0.24 (-0.28%)
PRL 25.01 Decreased By ▼ -0.70 (-2.72%)
PTC 9.55 Increased By ▲ 0.10 (1.06%)
SILK 1.24 Increased By ▲ 0.07 (5.98%)
SNGP 38.82 Decreased By ▼ -0.54 (-1.37%)
TRG 167.40 Increased By ▲ 7.79 (4.88%)
UNITY 30.65 Decreased By ▼ -0.10 (-0.33%)
WTL 1.53 Increased By ▲ 0.10 (6.99%)
BR100 4,820 Decreased By ▼ -31.91 (-0.66%)
BR30 25,669 Decreased By ▼ -2.82 (-0.01%)
KSE100 44,978 Decreased By ▼ -208.43 (-0.46%)
KSE30 18,443 Decreased By ▼ -42.02 (-0.23%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,501
5824hr
Pakistan Cases
725,602
458424hr
Sindh
269,126
Punjab
250,459
Balochistan
20,321
Islamabad
66,380
KPK
99,595
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