BLBG: Rand Weakens Versus Dollar, Reversing Earlier 0.5 Percent Gain
By Garth Theunissen
June 11 (Bloomberg) -- South Africa’s rand weakened against the dollar, reversing an earlier 0.5 percent advance.
The currency of Africa’s biggest economy traded 0.2 percent down at 7.7279 to the dollar by 1:47 p.m. in Johannesburg, from a close yesterday of 7.7165. Earlier the rand traded as strong as 7.6773.
“Rand trading activity will probably decline, which could aggravate rand volatility,” Michael Keenan, a currency strategist at Standard Bank Group Ltd. in Johannesburg, wrote in a client note today. Trading volumes are expected to “be thin due to World Cup proceedings,” Keenan wrote.
The Soccer World Cup opening ceremony is scheduled to begin at 2 p.m. in Johannesburg today.
