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Rand trades in tight range after budget

Feb 28 2013 12:30 I-Net Bridge
Rands

(picture: Shutterstock) (Shutterstock)

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Johannesburg - The rand was a touch weaker and trading in thin ranges at midday on Thursday having recovered from a brief slide after the budget speech on Wednesday.

The domestic currency lost 5c against the dollar on Wednesday afternoon in response to a larger-than-expected budget deficit‚ but recovered before the day’s close.

“We are in a strange situation where the major currencies are more volatile than we are‚” said Jim Bryson‚ a currency trader at RMB

Bryson said that overall markets appeared quite happy with the budget‚ however “it will be interesting to see how our continued dependence on foreign inflows to relieve the current account deficit will play out”.

“We saw a move yesterday just after the budget speech‚ but the rand couldn’t get above R8.88- R8.89/$ level and has settled back into the same tight ranges we’ve been in for the past week or so‚” he said.

At 11:42‚ the rand was bid at R8.8454/$ from R8.8319/$ at Wednesday’s close. It touched a worst level of R8.8899/$ on Wednesday.

The local currency was bid at R11.6068/€ from its previous close of R11.6155/€ and at R13.3985 against sterling from R13.3831 before.

The euro was bid at $1.3119 from $1.3154 at Wednesday’s close and $1.3068 at Tuesday’s close.

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