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Rand stable ahead of MPC announcement

Jan 24 2013 12:11
I-Net Bridge
Johannesburg – The rand was stable in midday trade on Thursday ahead of the MPC announcement due at 15:00.

“It will be interesting if they say anything about the rand‚” said Jim Bryson a currency trader at RMB.

Ongoing unrest‚ such as the events in Sasolburg‚ have been a contributing factor to the local currency’s recent weakness.

“The rand has really been driven by headlines‚ and we seem to be lacking any real good news.”

At 11:24‚ the rand was bid at R9.0431 to/$ from R9.0626 at Wednesday’s close. The local currency was bid at R12.0514/€ from its previous close of R12.0580 and at R14.3241 against sterling from R14.3371 before.

The euro was bid at $1.3333 from Wednesday’s close of $1.3307.

“The current level isn’t good on a technical basis‚ and we might see a move to R9.20 in the short term‚” Bryson said.

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