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Johannesburg - The rand maintained its firm stance in
afternoon trade on Tuesday as the euro pushed to an 11-week high against the dollar.
At
15:46 local time the rand was bid at R7.3209 to the dollar from R7.3166 at Monday's close. It
was bid at R9.5088 to the euro from R9.5216 before and at R11.3599 against
sterling from R11.3420 at its previous close.
The
euro was bid at $1.2987 from $1.2993 overnight.
A
local dealer said: "The rand is strong with good buying interest at the R7.30 level
against the dollar. The euro is at an 11-week high against the dollar, whish is
helping rand strength.
"The trend is still towards a firm rand," he said.
Dow Jones Newswires reports the euro rose to an 11-week high against the dollar on Tuesday after
better-than-expected eurozone economic data gave the common currency a
sustained boost over the key $1.30 level.
Investors will zero in on Tuesday's US economic data to further gauge the US economic
recovery, and their appetite for higher-yielding assets. A recent string of
disappointing US economic data has brought the pace of the US recovery into question.
The two key US releases are the 9 a.m. EDT release of the S&P Case-Shiller Home Price
Index for May and at 10 a.m. EDT, the consumer confidence index. US corporate
earnings also will continue to command investor attention.
- I-Net Bridge