Rand weakens slightly

Trade report 12/07/2013

The rand weakened slightly against the dollar in early Friday morning trade and the rand was unable to hold on to Thursday’s level below R9.90 to the dollar. "We failed to hold below R9.90, so guys are testing the top of the R10.05 to R9.95 range this morning. As there are no data due, we should have a quiet day as it has been a long week," a local trader said. The USD-ZAR is expected to trade at 9.92-10.0500.

On Thursday the National Union of Metalworkers of SA (NUMSA) asked for the Nkandla report to be declassified. Irvin Jim, Numsa general secretary told reporters: "It's shocking that we are told it is classified.It must be declassified because we need to know who is right and who is wrong." It is believed that the report will shed light on how exactly the money was spent on refurbishing President Jacob Zuma's private home at Nkandla in KwaZulu-Natal.

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