Rand in holding pattern as traders await trade figures

Markets
The rand maintained its recent trading range yesterday before the release of the closely watched domestic trade balance data at 2pm and the conclusion of the two-day United States Federal Reserve policy meeting in the evening.

JOHANNESBURG — The rand maintained its recent trading range yesterday before the release of the closely watched domestic trade balance data at 2pm and the conclusion of the two-day United States Federal Reserve policy meeting in the evening.

The trade balance, including South Africa’s trade with Botswana‚ Lesotho‚ Namibia and Swaziland was expected to have recorded a R1,1bn deficit in March following a R1,7bn surplus in February, economists surveyed by BDpro said.

At 11:51am the rand was at R10,5539 to the dollar from Tuesday’s close of R10,5491.

Against the euro, the rand was at R14,5890 from a previous close of R14,5689 and was at R17,7472 to the pound from a previous close of

R17,7449. The euro remained unchanged at $1,3823 from $1,3810 at Tuesday’s close.

— BD Live