[2008-07-18]  Rand Report
THE rand remained on the front foot yesterday, moving below the R7,60 to the dollar level in early trade and was now eyeing a break of R7,54. By 4pm, the rand was bid at R7,567 to the dollar from R7,600.

It was bid at R12,000 to the euro from R12,023 and at R15,152 against sterling from R15,168. The euro was bid at $1,585 from $1,581.

A trader said equity markets and emerging markets had benefited from the drop in the oil price, and the rand was no exception. The rand needed to break the technical level of R7,54 to the dollar to make further headway, he said. “We had a little look at R7,54, but it held. But it’s been a relatively quiet day."

Dow Jones Newswires reported that the dollar advanced its overnight rebound against the yen following the release of two US data reports yesterday morning. Home construction unexpectedly surged 9,1% last month. In addition, the number of US workers filing new claims for unemployment benefits increased last week. In the wake of the reports, the dollar rose to an intraday high of ¥105,90.

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