Rand looks at R7.60 to the dollar

The rand was firm in morning trade on Friday ahead of the kick-off of the Fifa World Cup tournament, with the local currency eyeing 7.60 against the greenback, according to a local dealer.

At 8.56am the rand was bid at R7.68 teen die dollar, R9.29 to the euro and R11.29 to the pound.

"The rand looks pretty strong this morning, and if it breaks through 7.68 against the dollar, we could get to 7.60. However if we fail to break through that level, then expect a range of 7.68-7.64," said a local trader.

"Market interest is already pretty thin ahead of kick-off, a number of companies will close early, and by this afternoon markets will likely be dead."

RMB analysts noted in a morning report that the World Cup was unlikely to have much implication for the rand. The group's forex analysts noted that an estimated R8.5 billion in tourist inflows is nothing to be sneezed at but this is "certainly not a game changer."

Dow Jones Newswires reports that the euro fell against the dollar in Asia on Friday, as investors adjusted their currency balances to prepare for a rise in the pair later in the global day on the view that Chinese economic data will provide a tailwind for European and US share markets.