The rand was slightly firmer on Friday morning as it held on to the gains it made during the week against major currencies.

A Rand Merchant Bank analyst said in a note that the rand had lost its momentum and was unlikely to continue the rally it experienced earlier in the week when it broke through R13/$ to an 18-month high of R12.90. The rand faltered on Thursday, moving briefly back over the R13/$ mark.

At 8:51am the rand was at R12.9870 from Wednesday’s R13.0200. It was at R13.8526 to the euro from R13.9015 and at R16.2290 to the pound from R16.2612.

The dollar was at $1.0666 to the euro from $1.675 previously.

Nedbank Corporate and Investment Banking (CIB) analysts said subdued trade on Friday could be due to caution in the markets ahead of a long weekend in the US.

There are no local data releases due on Friday, but the EU will publish its current account data and construction output for the eurozone.

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