Money SA economy
The rand continued to defy expectations in midday trade on Thursday fending off weak global economic data to remain steady at around R7.30 versus the greenback.
At 11.31am local time the rand was bid at R7.30 to the dollar, R9.37 to the euro and R11.39 to the pound. The euro was bid at $1.2840 from $1.2843 overnight.
A local trader joked that the rand was the strongest currency in the world, remaining steady amid a weaker dollar and euro. "We need to get above R7.32/$ to see any real developments on the rand which is still strong despite the global chaos."
Dow Jones Newswires reports that concerns over the global economic recovery remain, especially after Australia reported that its jobless rate rose to 5.3% instead of remaining steady at 5.1% as forecast. This will add to worries that recent improvements in global labour markets are stalling, given that the UK, the US, Canada and now Australia are all experiencing higher unemployment.
