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The rand was firmer in early trade on Thursday, gaining on remarks from incoming Federal Reserve chairwoman Janet Yellen that indicated the bank will keep its stimulus programme in place until the US economy shows firm signs of recovery.
In comments prepared for a Senate hearing on Thursday, Ms Yellen said the US unemployment rate of 7.3% was too high and reflected an economy running "far short" of its potential, Dow Jones Newswires reported.
"That sent the dollar tumbling in US trade as continued bond-buying pumps vast sums of cash into financial markets, lowering demand for the unit," the newswires said.
At 8.07am, the rand was at R10.2883 to the dollar from R10.2756 at Wednesday’s close and R10.3449 on Tuesday.
Against the euro, the rand was at R13.8587 from R13.8499 at its previous close and was at R16.4952 against sterling from R16.4787 on Wednesday.
The euro was at $1.3470 against the dollar from $1.3494 at the previous session’s close.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Rand firms on Yellen remarks
The rand was firmer in early trade on Thursday, gaining on remarks from incoming Federal Reserve chairwoman Janet Yellen that indicated the bank will keep its stimulus programme in place until the US economy shows firm signs of recovery.
In comments prepared for a Senate hearing on Thursday, Ms Yellen said the US unemployment rate of 7.3% was too high and reflected an economy running "far short" of its potential, Dow Jones Newswires reported.
"That sent the dollar tumbling in US trade as continued bond-buying pumps vast sums of cash into financial markets, lowering demand for the unit," the newswires said.
At 8.07am, the rand was at R10.2883 to the dollar from R10.2756 at Wednesday’s close and R10.3449 on Tuesday.
Against the euro, the rand was at R13.8587 from R13.8499 at its previous close and was at R16.4952 against sterling from R16.4787 on Wednesday.
The euro was at $1.3470 against the dollar from $1.3494 at the previous session’s close.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.