The rand was a bit softer at noon from the morning levels although still remaining within the 8.14-8.20 to the US dollar range.

At 11:41 local time the rand was bid at R8.1835 to the dollar from Monday’s close of R8.1644. It was bid at R10.1431 to the euro from its previous close of R10.1192 and at R12.7766 against sterling from R12.7277 before.

The euro was bid at US$1.2401 from $1.2394.

“The rand is in a consolidation phase after last week’s rally. But the underlying theme is that risk assets still look better in light of hopes of more stimulus measures from the world’s leading central banks‚ notably the European Central Bank‚” said Mike Keenan‚ sub-Saharan currency strategist at Absa Capital.

Standard Bank analysts said in a note they expected euro/dollar 1.15 target to be reached over six months rather than three. “This suggests that the pace of rand depreciation we have been anticipating could be a bit more gradual than before. We stick with our target of US$/ZAR8.60 in Q4:12‚ but are adjusting our end-Q3:12 target to 8.30 from 8.50.” - I-Net Bridge