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Rand remains in a narrow range

Johannesburg - The rand edged firmer against the dollar on Tuesday and looked set to remain in a tight range, with no major local data releases which could provide direction and perhaps push the currency below the crucial R11.000/$ mark.

At 08:50 the rand was 0.15% stronger at R11.0330/$ against a New York close of R11.0500.

In the previous session, the rand rallied more than half a percent against the greenback, lifted after minerals buyer China revealed a surprise up-tick in imports.

The currency failed to gather enough momentum to break past technical resistance towards the R10.96 level it achieved last week.

"The local unit ... will likely be in limbo until tomorrow when retail sales and a deluge of US data releases should reinvigorate trading activity," said NKC Research in a note to clients.

Statistics South Africa publishes retail sales figures for August on Wednesday at 13:00.

Yields on government bonds were flat in morning trade, with the bench-mark paper due in 2026 unmoved at 8.065% following a 5.5 point drop in the previous session.
 

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Rand - Dollar
18.90
+0.2%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.31
+0.2%
Rand - Yen
0.12
+0.1%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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