JOHANNESBURG Jan 7 South Africa's rand was
largely flat against the dollar on Tuesday and should stay
within a narrow range for the day given dearth of market-moving
data and news to move it.
At 0648 GMT the local currency was trading at
10.6500 against the dollar, just 0.05 percent off of Monday's
close in New York. It was 0.12 percent firmer at 14.4272 to the
Government bonds firmed slightly and yields on the 2026
government bond and the 2015 paper edged 1.5
basis points lower to 8.27.
The rand fell to a five-year trough of 10.7360 to the
greenback during Monday's session and could soon target such
lows again amid lukewarm investor appetite for riskier
currencies, which are seen as taking the brunt of a cut back in
U.S. monetary stimulus.
But a lack of substantial event risk should offer the rand a
reprieve on Tuesday, analyst John Cairns of Rand Merchant Bank
said in a note.
"Weak U.S. data has helped the rand (and) there has been
generalised profit-taking on long dollar positions against
the emerging markets and the other core currencies," Cairns
(Reporting by Stella Mapenzauswa; editing by David Dolan)