Money SA economy
The rand softened in midday trade on Wednesday, but a local dealer noted that it was trapped within a range providing uncertainty as to its future direction.
At 11.49am local time the rand was bid at R7.34 toe the dollar, R9.59 to the euro and R11.45 to the pound. The euro was bid at $1.3005 from $1.2988 overnight.
A local dealer said: "The rand maintained strong levels this morning. It is currently at a level which fuels uncertainty as to its future direction. We have seen some good buying interest at 7.28-30 against the dollar.
"A range of 7.30-7.39 against the dollar would still be viewed as a retracement in line with the rand's recent strength," he said.
Dow Jones Newswires reported that another attempt by the euro to establish itself over $1.30 failed Wednesday as investors appeared keen to take profits on any gains.
Overall, global market sentiment has remained positive, with sterling also rallying at the start of the session.
