* Rand ends year as one of worst-performing currencies
* Markets to close at 1000 GMT for year-end
JOHANNESBURG Dec 30 (Reuters) – South Africa’s rand
held steady against the dollar in early trade on Friday but was
set to end 2011 as one of the worst-performing currencies of the
year, suffering a whiplash reaction from investors spooked by
Europe’s debt crisis.
The rand was at 8.17 to the dollar at 0640 GMT, not
far off its 8.1816 close in New York on Thursday.
The currency opened 2011 at 6.57 against the dollar, but has
since lost nearly 19 percent in value and stands neck and neck
with Turkey’s lira as the poorest emerging market
performer.
“Emerging markets have suffered because of outside
influences this year,” said Jim Bryson, a trader at Rand
Merchant Bank.
“Left to our own devices with the strong commodities and
everything else the rand would have had a reasonable year.
There’s just been so much going on with Europe that the emerging
markets haven’t been the main focus,”
The currency tested the 8.10 resistance area on Wednesday
but has since retreated as Europe’s festering debt crisis has
kept from buying riskier assets.
“I expect more of the same today. We’ve been very range
trading this week as the year limps to an end,” Bryson said.
Continued…
