JOHANNESBURG - The rand continued to lose ground against the euro and the British pound in late trade on Wednesday‚ while it remained weaker‚ but broadly in ranges‚ against the dollar.
At 3.57pm the rand was at R10.1762 to the dollar from R10.1119 at Tuesday’s close. Against the euro‚ the rand weakened to R13.8400 from R13.7294 at its previous close‚ after consumer sentiment in the eurozone’s largest economy rose to its highest level in six years‚ as shown by Germany’s GfK's forward-looking consumer-sentiment indicator.
The rand was at R16.5969 against the pound from R16.4003 at Tuesday’s close‚ after official data showed the UK economy grew by 0.8% during the third quarter‚ which confirmed an earlier estimate‚ Dow Jones Newswires reported.
According to the newswire‚ the euro also found support after Germany’s biggest parties agreed on a deal to forge a coalition government led by Chancellor Angela Merkel‚ ending a month of fraught negotiations.
The euro firmed to $1.3601 against the dollar from Tuesday’s close of $1.3566.
