Rand remains on the front foot

The rand remained on the front foot in the afternoon session on Thursday ahead of the Easter weekend, but within a tight range having failed to break through 7.23 against the dollar.

At 3.35pm the rand was bid at R7.24 to the dollar R9.76 to the euro and R11.02 to the pound. The euro was bid at $1.3493 from $1.3506 previously.

A local currency trader said: "We have tested 7.23 against the dollar, but have come off that figure. It looks like game set and match ahead of the weekend, with the rand back in a range."

Dow Jones Newswires reports the dollar gained against the euro Thursday, even as euro-zone manufacturing data came in slightly better than expected, as concerns over fiscally strapped Greece keep the common currency restrained.

With concern over Greece's debt problems still looming large, the euro failed to take much comfort from data showing that the euro zone's purchasing managers' index for manufacturers rose to a 40-month high.