{"id":6543,"date":"2011-12-31T01:04:54","date_gmt":"2011-12-30T23:04:54","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/s-africa-rand-sees-daily-gain-but-down-steeply-for-year\/"},"modified":"2011-12-31T01:04:54","modified_gmt":"2011-12-30T23:04:54","slug":"s-africa-rand-sees-daily-gain-but-down-steeply-for-year","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africa-rand-sees-daily-gain-but-down-steeply-for-year\/","title":{"rendered":"S.Africa rand sees daily gain but down steeply for year"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand ranks among biggest losers for the year<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Foreign demand for bonds partly cushions currency<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Dec 30 (Reuters) &#8211; South Africa&#8217;s rand<br \/>\nrallied as much as 1.3 percent against the dollar on the last<br \/>\ntrading day of the year on Thursday, but was  set to finish<br \/>\namong the biggest annual losers in a year of global risk<br \/>\naversion linked to the euro zone  debt crisis.<\/p>\n<p><span><\/span><\/p>\n<p>The appeal of higher yields has however partly shielded<br \/>\nlocal debt from the sell-off, with benchmark bonds ending the<br \/>\nyear sharply off September&#8217;s multi-month highs when the flight<br \/>\nto safe havens accelerated.<\/p>\n<p><span><\/span><\/p>\n<p>By 1502 GMT the local currency was 1.24 percent<br \/>\nstronger against the dollar at 8.0804 compared with Wednesday&#8217;s<br \/>\nclose at 8.1816.<\/p>\n<p><span><\/span><\/p>\n<p>The rand has however shed nearly 22 percent of its value<br \/>\nagainst the dollar since the start of this year, faring only<br \/>\nslightly better than the Turkish lira and a handful of southern<br \/>\nAfrican currencies, according to Reuters data.<\/p>\n<p><span><\/span><\/p>\n<p>Both the National Treasury and the Reserve Bank have said<br \/>\nthe liquid nature of the rand makes it vulnerable to volatile<br \/>\nswings in global risk sentiment which have seen equally erratic<br \/>\nportfolio flows in and out of emerging markets this year.<\/p>\n<p><span><\/span><\/p>\n<p>Nomura emerging market analyst Peter Attard Montalto said<br \/>\nhowever that the rand had held up fairly well against this<br \/>\nyear&#8217;s onslaught and could be set for a reprieve in 2012.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We think the rand has reacted remarkably well compared with<br \/>\nprevious risk events, and now has a lower beta to global risk<br \/>\nthan it did in the past,&#8221; he told Reuters.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand ranks among biggest losers for the year * Foreign demand for bonds partly cushions currency JOHANNESBURG Dec 30 (Reuters) &#8211; South Africa&#8217;s rand rallied as much as 1.3 percent against the dollar on the last trading day of the year on Thursday, but was set to finish among the biggest annual losers in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6543","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6543"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6543\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}