Johannesburg – The rand was trading stronger in late trade on Wednesday‚ supported by hopes of action from the European Central Bank’s (ECB) President Mario Draghi on Thursday.
Headlines out of Europe on Wednesday suggested that the ECB could announce unlimited‚ sterilised bond buys in debt ridden eurozone countries‚ Dow Jones Newswires reported.
“We were trading in a tight range today and we will stay in this range going into the ECB announcement tomorrow. There is some negativity in the currency because of local political‚ labour and mining problems‚” a local trader said.
At 16:00‚ the rand was bid at R8.3976 to the dollar from R8.4114 at Tuesday’s close. It was bid at R10.5717 to the euro from its previous close of R10.5663 and at R13.3453 against sterling from R13.3450 before.
The euro was bid at $1.2596 from $1.2564 at Tuesday’s close.
Headlines out of Europe on Wednesday suggested that the ECB could announce unlimited‚ sterilised bond buys in debt ridden eurozone countries‚ Dow Jones Newswires reported.
“We were trading in a tight range today and we will stay in this range going into the ECB announcement tomorrow. There is some negativity in the currency because of local political‚ labour and mining problems‚” a local trader said.
At 16:00‚ the rand was bid at R8.3976 to the dollar from R8.4114 at Tuesday’s close. It was bid at R10.5717 to the euro from its previous close of R10.5663 and at R13.3453 against sterling from R13.3450 before.
The euro was bid at $1.2596 from $1.2564 at Tuesday’s close.