Rand continues to gain on the dollar

The rand kept its firm footing in the afternoon session on Wednesday as the euro added to its earlier gains against the dollar.

A local trader however, noted quiet trade ahead of the Easter weekend.

At 3.42pm the rand was bid at R7.32 to the dollar, R9.89 to the euro and R11.10 to the pound. The euro was bid at $1.3506 from $1.3424 previously.

A local currency trader said: "The euro has had a good day, while local trade has been quiet today at month end, and ahead of the Easter weekend."

He said that the rand had given up a fraction having failed to break 7.31 against the dollar.

However ahead of the long weekend, he anticipated further range trade.

Dow Jones Newswires reports the dollar extended its earlier weakness against most currencies Wednesday morning after the ADP private sector jobs report for March fell dramatically short of expectations.

The market had expected job gains of about 50,000.

Stronger European data had also helped boost the euro, and overshadowed to an extent some of the negative news that has recently come out of Europe.