Rand still strong against the dollar

The rand continued its strong showing in midday play on Thursday, eyeing R7.42 /$ amid a firm euro.

At 11.43am the rand was bid at R7.49 to the dollar, R10.24 to the euro and R11.28 to the pound. The euro was bid at $1.3656 from $1.3700 previously.

A local currency trader said: "The trend is definitely for a stronger rand. We initially found support at 7.55 against the dollar, but broke through that. The rand will look at lows of 7.42, perhaps not today, with 7.48 the next immediate level against the dollar.

"The euro has come off a bit against the dollar, but is still performing well. Any good showing by the euro will boost the rand," he said.

Dow Jones Newswires reports in the currency markets, the euro and the pound edged lower against the dollar amid caution ahead of the ECB and BoE rate decisions, and after Wednesday's gains following the announcement of Greece's austerity measures.