The rand was weaker but range-bound at midday on Friday as the local currency appears to consolidate at firmer levels from its weakest level of R13.70/$ over the past two months. Over the past week, the rand has posted incremental gains, after beginning the week at R13.70/$. "On a technical front, these gains could potentially extend to R13.25/$-R13.28/$ but the current levels appear to be attractive to new dollar buyers," Nedbank Corporate and Investment Banking (CIB) analysts said. At 11.42am the rand was at R13.4506 against the dollar from R13.3464. The rand was at R14.6234 against the euro from R14.4946 and at R17.2942 against the pound from R17.2054. The euro was at $1.0872 from $1.0861. The rand was expected to trade within a range of R13.25-R13.55 over the short term, Nedbank said. SA continued to attract net bond inflows, despite the threat of further downgrades to the country’s credit rating. Credit ratings agency Moody’s is expected to make its ratings announcement in the ...
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