Rand softer in morning trade

The rand was softer in morning trade, but within a narrow range, tracking the single currency for further direction.

At 8.57am the rand was bid at R7.65 to the dollar from R7.57at its previous close. It was bid at R9.43 to the euro and R11.43 to the pound. The euro was bid at $1.2341 from $1.2335 overnight.

A local trader said that the local currency was range bound between 7.60 and 7.68 against the dollar, tracking the euro in 'summer markets'. RMB analysts noted in their morning report that headline numbers in the SARB Quarterly Bulletin yesterday suggested that the economic recovery was on track.

Dow Jones Newswires reports that against the euro, the dollar gained slightly on Friday as investors sold the risk-sensitive common currency as share prices fell.