Johannesburg – The rand traded a fraction weaker in a narrow range on Wednesday‚ awaiting cues from Jackson Hole on Friday.
At 16:00‚ the rand was bid at R8.4024 to the dollar from R8.3937 at Tuesday’s close. It was bid at R10.5212 to the euro from its previous close of R10.5483 and at R13.2844 against
sterling from R13.2777 before.
The euro was bid at $1.2525 from $1.2564 at Tuesday’s close.
“There is not much to say. The rand has been trading against a stable global backdrop with a lack of movement in major currencies today. We have been moving in a 3 cent range all day long. Everybody is just waiting for Bernanke to speak at Jackson Hole on Friday‚” said Garth Klintworth‚ head of forex trading at Absa Capital.