Rand sticks to narrow range

The rand was range bound in the morning session on Monday, tracking euro play.

At 9.02am the rand was bid at R7.82 to the dollar, R8.78 to the euro and R11.34 to the pound. The euro was bid at $1.2504 from $1.2533 previously.

A local trader said that the rand continues to track the euro for direction, but within a range of R7.80/$-R7.93/$, ahead of home sales data in the US.

RMB analysts said in a morning report that the market's aversion to riskier assets, stemming from Germany's ban on naked short selling, appears to have dissipated but the euro will be hard pressed to maintain recent gains.

Meanwhile, the euro declined against the dollar, trading at $1.2520 from $1.2583 on Friday.