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Rand steady in early trade as SA readies for Women's Day

Aug 08 2018 11:05
Jan Cronje

The rand was steady in early trade on Wednesday, after opening at R13.33 to the dollar. 

The local currency was trading at R13.35 at 11:01. 

On Tuesday the local currency gained 12c against the dollar, on the back of a strengthening Chinese Yuan which helped China's fellow emerging market currencies strengthen.  

The dollar index, which tracks the currency's strength against a basket of currencies of its major trading partners, was also about level at 10:34 at 95.229 index points, after opening at 95.150. 

Bianca Botes of Peregrine Treasury Solutions said in a morning note that trade was expected to be relatively quiet as South Africa prepared for Women's Day on Thursday. 

On the data front, Botes said the key local release was the SACCI Business Confidence Index for July, expected to be out around 13:00.

NKC African Economics, meanwhile, estimated the rand’s expected range at between R13.20/$ - R13.40/$ on Wednesday. 

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women's day  |  currencies  |  rand  |  markets
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