The rand was range-bound with a firmer bias against the US dollar from its overnight levels in early trade on Tuesday‚ with dealers noticing a drop in liquidity ahead of the public holiday on Thursday‚ and as the flow of macroeconomic data remained fairly light.
At 09:17 local time the rand was bid at R8.1639 to the dollar from Monday’s close of R8.1644. It was bid at R10.1213 to the euro from its previous close of R10.1192 and at R12.7139 against sterling from R12.7277 before.
The euro was bid at US$1.2403 from $1.2394.
Absa Capital said in a note that more insight into the global growth prognosis would be gleaned later in the week from the release of Chinese manufacturing and industrial production data.
“But for now the market seems to be of the opinion that developed markets stand ready to provide additional stimulus in a co-ordinated fashion if the global outlook deteriorates‚” they said. - I-Net Bridge