Rand holds below R12/$ in volatile trade
The rand held relatively firmer below R12 to the dollar in early trade on Friday in volatile trade. It is a pattern that has played out throughout this week as market participants assessed US data that have‚ for the most part‚ disappointed."What is of debate‚ given the recent disappointing US data releases‚ is that the US economy may be slowing and rate hikes this year may not be that certain — all of this meant the dollar came under pressure‚ with commodities rallying‚" Standard Bank trader Oliver Alwar said.The rand has been trading in a $12.00-R12.19 band since Monday before breaking below the R12 to the dollar handle on Thursday.At 08.49am‚ the rand was at R11.9962 against the dollar from a previous close of R11.9607.Against the euro the rand was at R12.8906 from its previous close of R12.8728 and at R17.9004 against the British pound from a previous close of R17.8603.The euro was at $1.0746 from its previous close of $1.0684. - RDM News Wire, BDlive..
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