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Rand stable ahead of MPC announcement

Johannesburg – The rand was stable in midday trade on Thursday ahead of the MPC announcement at 3pm this afternoon.

“It will be interesting if they say anything about the rand‚” said Jim Bryson a currency trader at RMB.

Graphic: Renjith Krishnan.

Ongoing unrest‚ such as the events in Sasolburg‚ have been a contributing factor to the local currency’s recent weakness.

“The rand has really been driven by headlines‚ and we seem to be lacking any real good news.”

At 11.24pm‚ the rand was bid at R9.0431 to the US dollar from R9.0626 at Wednesday’s close. The local currency was bid at R12.0514 to the euro from its previous close of R12.0580 and at R14.3241 against sterling from R14.3371 before.

The euro was bid at $1.3333 from Wednesday’s close of $1.3307.

“The current level isn’t good on a technical basis‚ and we might see a move to 9.20 in the short term‚” Bryson said. - I-Net Bridge

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