Rand at 8.40 against US dollar

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Graphic: Renjith Krishnan.

The rand was fairly steady against major currencies in late trade on Tuesday as market players awaited the Federal Reserve Chairman Ben Bernanke’s speech in Jackson Hole later in the week for some signs of stimulus measures.

At 4.04pm local time‚ the rand was bid at R8.4052 to the dollar from R8.4381 at Monday’s close. It was bid at R10.5534 to the euro from its previous close of R10.5492 and at R13.2856 against sterling from R13.3227 before.

The euro was bid at US$1.2560 from $1.2502 at Monday’s close.

The euro held up against major currencies as London traders returned after a three-day weekend to what should be a testing week for investors' nerves ahead of policy decisions in the US and eurozone‚ Dow Jones Newswires reported.

Investors expect to see measures to support Europe's bond market from the European Central Bank‚ and that US Fed Chairman Ben Bernanke could deliver what might be his closing argument in deliberations about launching a third round of bond buying‚ or quantitative easing. - I-Net Bridge


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