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 11.27am‚ the rand was bid at R9.0042 to the US dollar from R9.0686 at Thursday’s close. The local currency was bid at R12.0920 to the euro 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. - I-Net Bridge