JOHANNESBURG - The South African currency traded on a firmer footing during the European session as risk aversion eased slightly after inversion of the US debt curve precipitated a steep sell-off on Wednesday according to NKC Research.
While the rand pulled back from a near 11-month low, the outlook remains less than rosy as the IMF cautioned yesterday that public debt is approaching uncomfortable levels. At the close of local trade, the rand quoted 0.56 percent stronger at R15.27/$, after trading in range of R15.21/$ - R15.43/$. The local unit extended gains during the Asian trading session this morning. Expected range today R15.05/$ - R15.40/$.
South African bourse