Rand at 8.18 against the US dollar

The rand was little changed against the US dollar in early trade on Wednesday from overnight levels‚ with dealers expecting the local unit to bounce around the 8.16 level in what is expected to be another quite day ahead of a public holiday.

At 08:44 local time the rand was bid at R8.1824 to the dollar from Tuesday’s close of R8.1618. It was bid at R10.1213 to the euro from its previous close of R10.1160 and at R12.7419 against sterling from R12.7452 before.

Graphic: Renjith Krishnan.

The euro was bid at US$1.2371 from $1.2393.

RMB analysts said in a note that risks for the day were fairly limited. “Look for USD/ZAR trade centred at 8.16 and EUR/ZAR around 10.11 — key support levels that need to be broken if the rand is to move stronger at 8.12 and 10.00/02‚” the analysts said. - I-Net Bridge