Rand drops in noon trade

Tue, 08 Jul 2008

The rand pulled back against major currencies in noon trade on Tuesday while slumping against the euro. The local unit are lacking direction while seen consolidating.

At 12.33pm the local unit slumped 0.97 percent against the greenback and was bid at 7.7950 from its previous close of 7.7401.

The rand tumbled 2.07 percent against the euro and was bid at 12.4450 from its previous close of 12.1709.

Against sterling the rand pulled back 0.26 percent and was bid at 15.2753 from its previous close of 15.2613.

Gold edged up 0.10 percent and was quoted $926.40 a troy ounce.