Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
Johannesburg - The rand struck comfortably below the R10/dlr mark in late morning trade on Tuesday as the dollar came under a little pressure, but on the whole remained within a R9.80-R10.10 range.
"The dollar is weaker, but we use the term carefully after it was rampaging all over the place yesterday. It can't harm the rand, though, if the dollar comes under a little bit of pressure," said a senior currency dealer.
At 12:12 the rand was bid at R9.9323 to the dollar from a previous close of R10.0170. It was bid at R12.6449 to the euro from a previous R12.6199 and at R15.7398 against sterling from R15.7889 before.
The euro was bid at $1.2734 from $1.2586 overnight, while gold was quoted at $731.48 a troy ounce from $723.70/oz overnight.
The rand dealer said that despite the little bit of strength seen, the local unit remains within a range, which he pens at R9.80 - R10.10 to the dollar.
"Despite what is happening with the pound and the euro, we are remaining within a range," he noted.
Dow Jones Newswires reports the dollar is a little easier as a sharp 75bp cut in Australia rates focuses market attention on the risks of a global recession. A fall in crude toward $60 bbl adds to concern that the global slowdown will force more rate cuts elsewhere. Nevertheless, a rise in Japanese equities indicates a fall in risk aversion.
- I-Net Bridge