The rand traded a fraction stronger against the dollar in a narrow range on Wednesday‚ awaiting cues from Jackson Hole on Friday.
“The global environment suggests some mild upside risks on the dollar/rand but we’ll probably just move sideways in the 8.38–45 range as everyone awaits Jackson Hole‚” RMB said in its daily morning report.
At 8.08am‚ the rand was bid at R8.3896 to the dollar from R8.4049 at Wednesday’s close. It was bid at R10.5259 to the euro from its previous close of R10.5351 and at R13.2852 against sterling from R13.3055 before.
The euro was bid at US$1.2551 from $1.2532 at Wednesday’s close.
“The rand traded in a very narrow range of 5 cents yesterday in relation to the dollar and strengthened by a mere 4 cents in relation to the euro. Participants remain reluctant to commit ahead of this week’s Jackson Hole symposium‚ at which US Federal Reserve chairman Ben Bernanke may signal the likelihood of the Fed delivering another round of quantitative easing next month‚” Absa Capital said in its morning report. - I-Net Bridge