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Johannesburg - The rand was a tad firmer against the dollar in noon trade on Tuesday, as it tracked a euro that had steadied against the greenback as solid French confidence data was released.
"We've seen quite a recovery in the rand and during the day and I see it moving stronger," said a local trader.
In late morning trade, the rand was bid at R7.5580/$ from its previous close of R7.5831. It was bid at R10.1065 to the euro from R10.1276 before, and at R12.0727 against sterling from R12.0946 previously.
The euro was bid at $1.3370 from its previous close of $1.3354.
Barclays Capital said in a note that the rand had regained some lost ground on Monday, courtesy of improved levels of global sentiment.
"Yesterday's encouraging German Ifo data, combined with Friday's better-than-expected US housing data and dovish remarks from Fed chairman Bernanke, gave a boost to risky assets in general.
"The high-beta nature of the rand ensured that it outperformed its emerging market and commodity-based currency peers as a result of the risk-on trading environment," said Barclays Capital.
As commodity prices were firmer today, the rand could strengthen further, they added.
"We've seen quite a recovery in the rand and during the day and I see it moving stronger," said a local trader.
In late morning trade, the rand was bid at R7.5580/$ from its previous close of R7.5831. It was bid at R10.1065 to the euro from R10.1276 before, and at R12.0727 against sterling from R12.0946 previously.
The euro was bid at $1.3370 from its previous close of $1.3354.
Barclays Capital said in a note that the rand had regained some lost ground on Monday, courtesy of improved levels of global sentiment.
"Yesterday's encouraging German Ifo data, combined with Friday's better-than-expected US housing data and dovish remarks from Fed chairman Bernanke, gave a boost to risky assets in general.
"The high-beta nature of the rand ensured that it outperformed its emerging market and commodity-based currency peers as a result of the risk-on trading environment," said Barclays Capital.
As commodity prices were firmer today, the rand could strengthen further, they added.
