Rand weakens after early-week gains

The South African rand weakened versus major currencies Friday as investors backed away from buying high-yield currencies after a report that the US economy lost 80,000 jobs in March.

The declines for the rand came after gains earlier in the week after election results from Zimbabwe seemed to indicate that President Robert Mugabe could be at the end of this rule, during which the inflation rate in his country soared to 164,000 percent.

In New York around noon the rand traded at R7.8035 to the dollar and at R12.275 to the euro.

The US dollar weakened in relation to the euro and the yen on the jobs data. trading at $1.5730 to the euro and at ¥101.7450 in relation to the yen at just past noon in New York.

The yen was helped the decline in carry trades and the yen traded at ¥160.0398 to the euro.

The pound was lower in relation to the euro and the greenback on worries that recession in the US could hurt economic growth in the UK.

At late morning in New York the pound traded at 78.82p to the euro and at 50.11p to the dollar.

Story link: Rand weakens after early-week gains