Picture: REUTERS
Picture: REUTERS

The rand was softer on Friday afternoon amid quiet trade and as markets awaited the outcome of the G-20 meeting.

"We saw some support on Thursday at R8.73 to R8.75 to the dollar, but the rand then weakened on Friday following some profit taking," a local trader said. "The euro is slightly stronger at the moment and this might support the rand going forward."

At 3.51pm, the rand was bid at R8.8277 to the dollar from Thursday’s close of R8.7788. The local currency was bid at R11.7916 to the euro from its previous close of R11.7191 and at R13.6672 against sterling from R13.5831 before.

The euro was bid at $1.3360 from $1.3350 at Thursday’s close.

Dow Jones Newswires reported that the G-20 leading economies will pledge to ensure that their monetary policy actions are focused on price stability and growth‚ rather than weakening their currencies‚ according to the draft of a statement they intend to release on Saturday.