Rand stable in cautious trade ahead of budget
The rand was unchanged in early morning trade as investors awaited one of the most highly anticipated budgets in recent times. At 9.22am‚ the rand was at R15.2303 against the dollar from R15.2380 previously.Against the euro‚ the rand was at R16.7690 from R16.7891 previously. It was at R21.3178 against the pound from R21.3597 previously. The euro was at $1.1010 from $1.1018.The focus in local forex markets will be firmly on the budget.Nedbank CIB analysts said trading was expected to be cautious until Finance Minister Pravin Gordhan’s speech in the afternoon. “Price action will be dictated by headlines‚” they said.A possible trading range for the rand was R15.05-R15.45 to the dollar.The rand had weakened by the close on Tuesday after firming to R15.06 against the dollar during the course of the day. - TMG Digital/BDlive..
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