Rand at 8.18 against the US dollar

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IOL world currency1 Graphic: Renjith Krishnan.

The rand had hardly moved in late trade on Wednesday in the absence of fresh news to drive market sentiment.

At 4.05pm the rand was bid at R8.1808 to the dollar from Tuesday’s close of R8.1618. It was bid at R10.0930 to the euro from its previous close of R10.1160 and at R12.7875 against sterling from R12.7452 before.

The euro was bid at US$1.2342 from $1.2393.

RMB analysts said in a note that the eurozone stresses remained acute and were likely to keep the rand weak and volatile over the next few months.

“When these stresses ease‚ possibly in the fourth quarter 2012‚ we expect the rand to appreciate once again. We continue to forecast 8.30 on US$/ZAR for end-September and 7.80 for year-end‚” they said. - I-Net Bridge

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