Rand little changed in afternoon trade

The rand was little changed from its midday levels on Monday amid quiet trade, as the US celebrates Independence Day holiday.

At 3.33pm local time the rand was bid at R7.72 to the dollar, R9.67 to the euro and R11.66 to the pound.

A local dealer noted very little action amid a US holiday, with the local currency trapped in a tight range of 7.68-7.74 against the dollar.

Dow Jones Newswires reports that the US dollar strengthened modestly against its major rivals early Monday, rebounding somewhat from Friday's disappointing US jobs data.

Trading is expected to remain subdued throughout the day on Monday, with US markets closed for the Independence Day holiday.

Analysts caution that the lack of volume could result in exaggerated movements in the North American session.