A five rand coin. Picture: REUTERS
A five rand coin. Picture: REUTERS

The rand was slightly weaker against the dollar on Thursday morning but remained strong on the week ahead of the European Central Bank (ECB) meeting later in the afternoon.

The outcome of meeting in Frankfurt will be key factor for markets as the ECB will announce whether it well extend its bond-purchase programme. A number of analysts expect the ECB to extend its monetary stimulus for a further six months.

"The rand has surprised most of the people in the market with its strong showing in the past few days. While it is not a rand-specific thing, we are enjoying the sentiment at the moment with emerging markets on the front foot," TreasuryOne dealer Andre Botha said.

"We have tried, incorrectly, to fade this rally this week. Initial gains seemed overdone to us and it looked like key support levels on the rand would hold. Support lines have, however, been repeatedly pushed aside and we have to give in to the trend," Rand Merchant Bank currency strategist John Cairns said.

At 9.07am, the rand was at R13.5097/$ from Wednesday’s R13.4734. It was at R14.5417 to the euro from R14.4869 and R17.0928 to the pound from R17.0096.

The euro was at $1.0765 from $1.0752.

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