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Johannesburg - The rand softened a
fraction in midday play on Thursday amid importer demand, while a pullback on
the gold price overnight also weighed on the local currency.
At 11:43 the rand was bid at 7.4496 to the dollar from 7.3847 at its
previous close. It was bid at 10.1564 to the euro from its previous close of
10.0913 and was at 11.1417 against the sterling from 11.0601.
The euro was bid at $1.3653 from $1.3642 previously.
A local trader said: "We are seeing importer demand with guys being caught
a little short leading to rand weakness. We also saw a pullback on the gold
price overnight.
"We have been the darlings of the exchange, so this is simply a case of our
positioning in the market."
Dow Jones Newswires reported that concerns about further monetary
tightening in Asia hit the euro and dollar as investors pushed into the safe-
haven territory of the yen.
At 09:10 GMT, the euro stood at ¥123.45, from around ¥123.65 late on Wednesday
in New York, while the dollar traded at ¥90.46, compared with ¥90.56. The euro
also stood at $1.3645, versus $1.3653.
Investors also warned that the euro and dollar could slip further if US
initial jobless claims, expected at 1330 GMT, disappoint.
Elsewhere, spot gold was last seen at $1108.15 per troy ounce, largely
unchanged from the New York close, after falling to a two-week low overnight.
- I-Net Bridge