Rand steady, under pressure

JOHANNESBURG – South Africa’s rand steadied against the dollar on Friday but was expected to continue taking its cues from international markets in the absence of local data.

At 06h40 GMT the rand was trading at 7,9320 against the dollar, not far off its last New York close of 7,9275 on Thursday. Research firm ETM said higher gold and platinum prices could benefit resource shares locally.Dealers said extreme swings in the currency would likely continue, in line with volatility on global markets.Worries over the US economy have kept investors nervous about high-risk assets, and the rand has remained under pressure this week.Analysts say any significant rand recovery is unlikely given international credit market turmoil.Nampa-ReutersResearch firm ETM said higher gold and platinum prices could benefit resource shares locally.Dealers said extreme swings in the currency would likely continue, in line with volatility on global markets.Worries over the US economy have kept investors nervous about high-risk assets, and the rand has remained under pressure this week.Analysts say any significant rand recovery is unlikely given international credit market turmoil.Nampa-Reuters