South African Rand Pares Gains Against Dollar, Trades at 7.8188

By Garth Theunissen

Aug. 13 (Bloomberg) -- South Africa's rand pared gains against the dollar.

The rand was little changed at 7.8188 by 1:05 p.m. in Johannesburg, after rising as much as 0.4 percent to 7.7855. Against the euro, the rand climbed 0.2 percent to 11.6273.

South Africa's currency slipped even as gold and platinum, the nation's biggest exports, rebounded from their lowest levels in more than seven months. Gold climbed as much as 2.3 percent to $826.15 an ounce, and platinum rose 2.9 percent to $1,519 an ounce.

South Africa produces almost 80 percent of the world's platinum and about 10 percent of its gold, meaning the rand often moves in tandem with the metals' prices. The FTSE/JSE Africa All Share Index climbed 0.4 percent, led by mining companies including Anglo American Plc and Impala Platinum Holdings Ltd.

The rand had its biggest weekly drop versus the dollar in more than two years last week as weaker precious metals prices damped the outlook for export revenue. The rand weakened more than 12 percent against the dollar in 2008, making it the worst performer of the 16 major currencies monitored by Bloomberg.

To contact the reporter on this story: Garth Theunissen in Johannesburg gtheunissen@bloomberg.net