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Rand quiet due to US holiday

Johannesburg – The rand remained quiet and traded in a tight band on Monday afternoon.

“We’ve seen the rand trade in an exceptionally tight range today because of Martin Luther King Junior Day in the US‚” said Mark Kalkwarf a senior portfolio manager at the Iquad Group. “Unless anything exceptional happens it is unlikely we’ll see any significant movement today.”

Graphic: Renjith Krishnan.

At 3.18pm‚ the rand was bid at R8.8792 to the US dollar from R8.8757 at Friday’s close. The local currency was bid at R11.8192 to the euro from its previous close of R11.8247 and at R14.0932 against sterling from R14.0576 before.

The euro was bid at $1.3319 from Friday’s close of $1.3316.

Ultimately markets are still focused on SA’s labour issues‚” he said. - I-Net Bridge

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