Rand stable against the dollar

The rand was steady in midday trade on Friday, settling into a range against the dollar amid a consolidating euro.

At 11.42am the rand was bid at R7.54 to the dollar, R9.39 to the euro and R11.00 to the pound. The euro was bid at $1.2410 from $1.2345 previously.

"The rand is in a range of 7.55-58 against the dollar having failed to break 7.53. The euro is trying to consolidate, so we will keep an eye on that," a trader said.

Dow Jones Newswires reported that the dollar is generally lower in Europe Friday, weighed down in part by China's denial Thursday of a newspaper report that it planned to avoid euro-zone assets.

The euro, as would be expected, rallied strongly in US trading Thursday which, combined with an even more impressive rally in global equity markets and relative calm in euro-zone debt markets, lifted the market appetite for risk.