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Rand fractionally firmer on dollar selling

By Madeleine van Niekerk

11 Sep 2013

The rand was slightly firmer at on Wednesday (11 September) after traders sold dollars‚ which supported the local currency.

Image courtesy of thanunkorn / FreeDigitalPhotos.net

"There were stop-losses below R9.95 and market participants sold dollars. Investors were long and they had to sell‚ which supported the rand‚" Standard Bank forex trader Jan Defouw said.

"Meanwhile‚ markets are awaiting the Federal Reserve's open market committee policy meeting next week for further direction‚" he said.

At midday the rand was bid at R9.9465 to the dollar compared with Tuesday's close of R9.9755 and Monday's close of R9.9464.

Against the euro‚ the rand was bid at R13.1858 from its previous close of R13.2410.

The rand was at R15.6675 against sterling from R15.6995 at its previous close.

The euro was bid at US$1.3266 compared with US$1.3263 at Tuesday's close and $1.3251 at Monday's close.

Source: I-Net Bridge

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