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Rand stronger on global sentiment

Jan 25 2013 11:59
I-Net Bridge
Johannesburg – The rand was stronger in late morning trade on Friday on improved global sentiment‚ and a strengthening euro.

“There was no major market news today. It was perhaps aided by slightly better global sentiment‚” said a local currency dealer.

At 11:27‚ the rand was bid at R9.0042/$ from R9.0686/$ at Thursday’s close. The local currency was bid at R12.0920/€ from its previous close of R12.1190/€ and at R14.2248 against sterling from R14.3007 before.

The euro was bid at $1.3435 from Thursday’s close of $1.3367.

“There will be people who want to buy at this level‚ but the weakening trend is still in tact‚” he said.

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