* Rand weighed by central bank dollar buying
* Bonds recoup from earlier losses after Greek deal
* 2011 manufacturing output growth at half of 2010
JOHANNESBURG, Feb 9 (Reuters) – The rand weakened 1.3
percent against the dollar on Thursday, nearing a week low, as
the central bank was reported to be buying foreign currency in
the market, before recovering some losses in late trade as
Greece closed in on a new bailout deal.
The rand traded firmer early in the session before the
central bank came in to buy other currencies, driving the rand
above 7.60 before manufacturing data at 1100 GMT, dealers said.
Output growth slowed in December and the rand weakened
further as the data suggests GDP growth was likely lower in the
last quarter of 2011. Manufacturing growth came out at 2.5
percent in 2011, compared to 5 percent in 2010.
The rand was 0.6 percent weaker at 7.60 by 1555 GMT
compared to a 7.5550 close on Wednesday. It moved off the
session’s low of 7.6545 after Greek political leaders agreed on
reforms needed to secure a new rescue package from international
lenders and avoid a messy default next month.
Talks between the International Monetary Fund and Greek
authorities to finalize details are continuing, an IMF spokesman
said on Thursday.
The central bank’s reported buying probably kept the rand
from completely reversing losses, however, and it was the second
weakest, after the Kenyan shilling, in a basket of 20 emerging
market currencies trading against the dollar tracked by Reuters.
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