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Rand firms slightly in quiet trade

Feb 22 2013 12:41 I-Net Bridge
Rands

(picture: Shutterstock) (Shutterstock)

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Johannesburg - The rand was slightly firmer against major currencies in quiet midmorning trade on Friday.

At 11:53‚ the rand was bid at R8.8707/$ from Thursday’s close of R8.8923 and Wednesday’s close of R8.9062. On Monday the intraday best level was R8.8117.

The local currency was bid at R11.7284/€ from its previous close of R11.7293 and at R13.5472 against sterling from R13.5608 before.

The euro was bid at $1.3220 from $1.3191 at Thursday’s close and $1.3272 at Wednesday’ close.

“The rand is trapped in an R8.84 to R8.89 range to the US dollar amid a lack of new drivers. The focus this week was on the dollar strength across the major crosses due safe-haven buying‚” a local trader said.

Meanwhile‚ the German Ifo survey - the next data release nervous markets were eyeing - for February came in stronger than expected‚ with both the current assessment and expectations component significantly improved‚ Dow Jones Newswires reported.
rand  |  currencies
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