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Johannesburg - The rand remained strong in late
trade on Monday but was off the session's best levels as it went into a consolidative phase and the dollar regained some ground against some of its peers.
The local currency showed no reaction earlier to the news that the National Prosecuting Authority (NPA) has decided that it will not prosecute ANC leader Jacob Zuma for alleged fraud, corruption, money laundering and racketeering.
At 16:05 the rand was bid at 9.0458 to the dollar from an overnight close of 9.0310. It was bid at 12.1635 to the euro from a previous 12.2020 and at 13.4080 against sterling from 13.4085 before.
The euro was bid at US$1.3454 from US$1.3514 overnight.
"The rand has come a a long way in a short space of time. But now it seems to be entering a consolidative phase," a local currency trader said.
He said the rand had paid little attention to the news about Zuma as it had been widely expected.
Dow Jones Newswires reports that after retreating in earlier trading on increased risk appetite, the dollar has recovered against a broad range of currencies in early North American trading Monday after US stock futures waver.
The dollar is back to levels not far from its late Friday positioning against the euro as stock futures turned lower Monday with a downgrade of Cisco Systems and the apparent collapse of the IBM/Sun Microsystems deal clouding sentiment.
"The stock futures have come off their highs and are net down on the day...so the dollar is rebounding," said Adam Cole, chief currency strategist at RBC Capital Markets in London.
- I-Net Bridge