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Johannesburg‚ June 13 () – The rand strengthened through the key R10/$l in late morning trade on Thursday‚ but traders said there was no specific reason for this‚ just as there was no real reason for it to have moved weaker than that level yesterday evening.
“There’s no one specific reason for the move‚ but one gets the feeling that it is moving back into ranges after the big moves of the past few weeks‚” said a local currencies trader.
At 11:30 the rand was bid at R9.9870/$ from Wednesday’s close of R10.0731. The local currency was bid at R13.3135/ from its previous close of R13.4310 and was at R15.6244 against sterling from R15.7812 at its previous close.
The euro was bid at $1.3327 from $1.3338 at Wednesday’s close.
RMB analysts said in a report that volatility and risks had reduced in line with emerging market (EM) pressures.
The selloff of EM debt has eased and foreigners were net buyers of local debt on Wednesday‚ picking up R2bn‚ the first net buying in five days‚ they noted.
