The rand was steady against the dollar in early morning trade on Tuesday as the dollar failed to extend earlier gains against the euro. The rand was weaker against the euro and was unable to convincingly break through R13/$ to the dollar earlier. The local currency had traded in a more excited fashion to the euro, testing the R15.72/74 support line, but a break of this level — which had held six times in August — was unlikely, said Rand Merchant Bank trade John Cairns. At 9.29am the rand was at R13.0152 to the dollar from R12.9994, at R15.4840 to the euro from R15.4534 and at R16.8025 to the pound from R16.8021. The euro was at $1.1898 from $1.1883. The rand traded resiliently despite local fiscal data released on Wednesday, indicating a huge rise in expenditure. "Yesterday’s government budget figures for July showed the fiscal deficit is on track for a sharp overshoot, an obvious risk on the rating front, while credit data showed no pickup," Cairns said. Money supply (M3) data refl...
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