Rand at 8.21 against the US dollar

The rand drifted lower at noon‚ albeit on low volumes‚ as the euro retreated against the dollar.

At 11.55am the rand was bid at R8.2157 to the dollar from Tuesday’s close of R8.1618. It was bid at R10.1545 to the euro from its previous close of R10.1160 and at R12.7968 against sterling from R12.7452 before.

Graphic: Renjith Krishnan.

The euro was bid at US$1.2355 from $1.2393.

“For the last three days‚ the local currency has been trading at almost identical levels between 8.12 and 8.20 to the US dollar‚” said a local trader. “The guys will be watching the Chinese data due on Thursday closely. These include retail sales and industrial output.”

With global equity markets on the march and the euro still holding onto last week’s strength‚ it seems unlikely that the rand will retreat in the short term‚ Absa Capital said. - I-Net Bridge