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Feb 03 2012 19:08
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Feb 03 2012 16:34
An economic package worth more than R300m has been agreed to with the Cuban government, says Trade and Industry Minister Rob Davies.
Johannesburg - The rand was range-bound in afternoon
trade on Friday amid thin trade.
At
15:41 local time the rand was bid at R7.3200 to the dollar from R7.3196 at Thursday's close.
It was bid at R9.5318 to the euro from R9.5660 before and at R11.4222 against
the sterling from R11.4109 at its previous close.
The euro was bid at $1.3003 from $1.3077 overnight.
A
local dealer said: "It's a typical end of the month market at present, with the rand in a
R7.30-38 range, lacking any real direction."
The trader noted that the local currency did not react to Customs & Excise figures
released on Friday
South
Africa recorded a trade surplus of R5.629bn for its trade with
non-Southern African Customs Union trading partners in June,
after a deficit of
R302m in May and a steeper deficit of R1.889bn April.
A
R1.1bn deficit had been expected, a survey by I-Net Bridge found. Forecasts
among the leading economists surveyed varied from a R3bn deficit
to a R0.6bn surplus.
Dow Jones Newswires reports that GDP in the US grew by 2.4% in the second quarter,
slightly below the 2.5% expected by economists. Month-end trading contributed
to volatile activity immediately after the data, with the euro gaining
ground against the dollar and then surrendering it. The euro's inability to
rally decisively reflected continued underlying concern about risk-related
pressures on the common currency.
- I-Net Bridge