Money SA economy
The rand was off its intraday worst levels in afternoon trade on Friday, following profit taking in the midday session, and ahead of the anticipated speech from Federal Reserve Chairman Ben Bernanke on plans for the ailing US economy.
At 3.39pm local time the rand was bid at R7.35 to the dollar, R9.36 to the euro and R11.39 to the pound. The euro was bid at US$1.2712 from $1.2731 overnight.
A local dealer said: "We went up to 7.40 against the dollar amid profit taking earlier, but we have since come back down. The euro is marketing time before Ben Bernanke speech expected in a little while."
Dow Jones Newswires reports that the euro remained in a tight range against the US currency following the data. Movements in currency markets were restrained as investors awaited a speech from Federal Reserve Chairman Ben Bernanke, due to begin at 10 a.m. EDT.
Investors are hopeful that Bernanke, speaking an annual meeting of top central bankers held in Jackson Hole, Wyo., will offer some clarification about any measures the Fed may be planning to prop up the struggling US recovery.
