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Rand off best levels, bonds firm

Johannesburg - The rand was off its best levels of the day against the dollar in thin Thursday afternoon trade while South African bonds remained on a firm footing.

By 15:50, the benchmark R157 bond was trading at 6.750% from its previous close of 6.780%. The R207 was bid at 7.935% and offered at 7.910% from a previous close of 7.950% and the R186 was bid at 8.525% and offered at 8.495% from its close of 8.540%.

"We've been drifting around these levels for most of the day; the market has been very subdued, most guys are absent because of the holidays," a local trader said.

Foreigners were net sellers of R232.917 million of South African bonds including repo transactions on Wednesday after net sales of R640.254 million of local bonds on Tuesday, data released by the JSE shows.

Nominal cumulative volume was R27.041 billion on Wednesday from R56.813 billion on Tuesday.

Foreigners were net sellers of R225.358 million of South African bonds excluding repo transactions on Wednesday after net sales of R644.259 million of local bonds on Tuesday.

For the year to date, foreigners have been net buyers of R45.892 billion worth of local bonds, excluding repo transactions.

In 2010 foreigners bought net R57.064 billion rand worth of local bonds, excluding repo transactions.

For the year to date for total transactions, including repo transactions, foreigners have been net buyers of R36.017 billion of local bonds. In 2010 they bought net R44.541 billion worth of bonds.

Meanwhile, a local currency trader said that the rand was tracking the euro, which has come off quite a bit during the afternoon.

"But it's nothing drastic and the thin trade exaggerates moves," he added.

Although there was important data out of the US, for the slumbering festive markets, soft US economic growth and encouraging initial jobless claims virtually cancelled each other out when it came to foreign exchange trade, Dow Jones Newswires reported.

At 15:46 local time, the rand was bid at R8.1868 to the dollar from its previous close of R8.2322. It was bid at R10.6702 to the euro from R10.7223 before, and at R12.8073 against sterling from R12.8828 previously.

The euro was bid at US$1.3032 from its previous close of US$1.3036.
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