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Markets

South Africa's rand steady against dollar

JOHANNESBURG : South Africa 's rand held steady against the dollar in early trade on Tuesday and dealers were expecti
Published August 23, 2011 Updated August 23, 2011 07:34am
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By Syed Murtaza Gheblehzadeh
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randJOHANNESBURG: South Africa's rand held steady against the dollar in early trade on Tuesday and dealers were expecting a stalemate between bulls and bears for the rest of the week.

The rand, which has tracked turmoil in global markets, is seen settling slightly this week as knee-jerk reactions subside and dealers wait for more clues on the global growth picture.

By 0617 GMT the rand was at 7.1945, mostly steady against the dollar and off a close of 7.2025 in New York.

An auction that closes at 0900 GMT is seen as weighing on the market as traders brace for the extra supply.

 

Copyright Reuters, 2011

 

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