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Some fly and some fall in stock market's... The bond market gets shaken and stirre... |
Rand holds onto early morning gainsTHE rand held onto early morning gains against the dollar on Friday in a market bereft of interest during the afternoon. At the close the local unit was quoted at R4,8180 to the dollar after it closed at R4,8395 on Thursday. Dealers said the recovery on the Hang Seng index after Standard & Poor's confirmed its ratings for Hong Kong's long-term local and foreign currency provided a bullish mood for the rand. This, combined with a market that was long dollars, encouraged a sell-off of the US unit. With forex golf days in both Johannesburg and Durban, the market died during the afternoon with little interest shown. Only towards the close did US banks buy dollars. Trade had been quiet as several players were at golf days and the volatility of the last week had taken its toll. "I'm going straight to bed when I get home," said one dealer. Another dealer said the rand looked stable in a R4.80/R4,84 band for the moment. Against the British Pound the rand was last at R8,06. The local unit was at Dm0,359 and at 24,98 yen. - Sapa-I-Net
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