Rand remains range-bound amid lack of data
Cape Town - Market analysts expect the rand to remain range bound on Tuesday, with little local economic data set to be published.
The rand gained 10c against the dollar in early trade, but had again weakened to trade at its opening price against the greenback just before noon.
At 12:41 the local currency was trading at R12.03/$ after opening at R12.05/$.
Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions, said no major local economic data releases were scheduled for Tuesday.
"It is quiet on the local front in terms of data and considerably more quiet on the political front than we have become accustomed to," she said.
This means the local currency would again take its cue for international developments.
"The rand is range bound, trading slightly stronger as geopolitical tensions, together with relatively good GDP figures from China drive the dollar weaker. This range is likely to hold in the short term," she said.
Adam Phillips of Umkhulu Consulting said he expected the local currency to stay within the R12.00/$ to 12.10/$ range on Tuesday. NKC African Economics put the local unit's excepted range at between R11.90/$ - R12.10/$.
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