The rand was weaker on Friday morning and scarcely affected Thursday’s European Central Bank decision to leave rates unchanged. The local currency is expected to trade in a narrow range ahead of the medium-term budget policy statement next week. TreasuryOne head of dealing Wichard Cilliers said ECB president Mario Draghi gave little direction in his speech, which had no significant effect on the rand, but it was trading slightly weaker in the morning. "His address was very open-ended leaving the door open to a wide range of policy options that the bank could go towards as the eurozone begins to stabilise and inflation picks up," said Cilliers. Cilliers said the rand was less volatile over the past week and the market is focused on the economic positives after "the political theatrics of the Gordhan saga" drove the rand weaker. At 11.33am, the rand was at R14.0392 to the dollar from Thursday’s R13.9510. It was at R15.2885 to the euro from R15.2470 and R17.1611 to the pound from R17.0...
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