Publications
Partners
Johannesburg - The rand remained strong in late afternoon trade on Thursday, just off its best levels of the day.
On Thursday morning, the local unit hit a new three-year best level as it traded at R6.5975/$.
"Not much has changed since this morning and trade remains really thin," a local currency trader said.
In late afternoon trade, the rand was bid at R6.6098/$ from R6.6263/$ at its previous close. It was bid at R8.7965 to the euro from R8.7652 before and at R10.1995 against sterling from R10.2670 at its previous close.
Dow Jones newswires reported that the broad sell off of the dollar continued on Thursday, sending the unit to a record low against the Swiss franc and a seven-week low against the yen.
The dollar weakness against the franc highlighted the "genuine strength" of the Swiss franc, said Camilla Sutton, chief currency strategist at Scotia Capital.
"A strong sovereign position and relatively solid fundamentals will continue to see it as an attractive home for investors," she said.
The dollar has been mired in a slump for much of the week due in part to strong Treasury auction results that have pushed yields lower.
The dollar has also weakened against the yen as Japanese companies are selling dollars ahead of the end of the quarter.
