The rand settled a bit in midday trade,
after jumping stronger‚ following the euro
higher on news of a EUR100bn loan to Spanish banks.
At 11:47 local time the rand was bid at R8.3194
to the dollar from Friday’s close of R8.3147.
It was bid at R10.4570 to the euro from its previous
close of R10.5058 on Friday and at R12.9245 against sterling
from R12.9228 at its previous close. The euro was bid at
US$1.2579 from Friday’s close of US$1.2636.
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Lower prices for consumers are expected as Telkom prepares to split its retail and wholesale divisions.
A convicted Hout Bay businessman has been ordered by a US court to pay R295m restitution to SA.
