Johannesburg - The rand had hardly
moved in late trade on Wednesday in the absence of fresh news to
drive market sentiment.
At 4.05pm the rand was bid at R8.1808
to the dollar from Tuesday’s close of R8.1618. It was bid at
R10.0930 to the euro from its previous close of R10.1160 and at
R12.7875 against sterling from R12.7452 before.
The euro was bid at $1.2342 from
$1.2393.
RMB analysts said in a note that the
eurozone stresses remained acute and were likely to keep the rand
weak and volatile over the next few months.
“When these stresses ease‚ possibly
in the fourth quarter 2012‚ we expect the rand to appreciate once
again. We continue to forecast 8.30 on $/ZAR for end-September and
7.80 for year-end‚” they said.
