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Rand at 8.49 against the US dollar

The rand had hardly moved in late Thursday trade from its closing levels on Wednesday‚ amid a very quiet trading day.

“The low for the day was R8.53 - about the same low as yesterday. There was supply from mining companies above the R8.50 level today. We saw decent support at the R8.40 level and good resistance at R8.60. So we are just playing in the R8.40 to R8.60 range‚” a currency trader said.

Graphic: Renjith Krishnan.

At 3.49pm‚ the rand was trading at R8.4951 to the US dollar from its previous close of R8.4928. The local currency was bid at R11.2814 to the euro from its previous close of R11.2158 and at R13.8370 against sterling from R13.7919 before.

The euro was bid at $1.3286 from its overnight close of $1.3213.

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