Rand steady on softer dollar

Photo_Web_Rand_Coin_090517

File: the rand weakened 0.62 percent to 13.6950 per dollar compared to a close of 13.6100 overnight in New York.

File: the rand weakened 0.62 percent to 13.6950 per dollar compared to a close of 13.6100 overnight in New York.

Photo_Web_Rand_Coin_090517

File: the rand weakened 0.62 percent to 13.6950 per dollar compared to a close of 13.6100 overnight in New York.

File: the rand weakened 0.62 percent to 13.6950 per dollar compared to a close of 13.6100 overnight in New York.

JOHANNESBURG - The rand was steady against the dollar‚ trading in narrow ranges just before midday on Thursday.

The currency had been trading in a compact range‚ with support around the R14.14/$ level in the later part of the morning‚ as the dollar struggled for direction on reports of possible delays in US tax reforms.

READ: US stocks surge to fresh records on tax cut progress

Analysts were concerned that further delays with the tax reform plan could result in less effective results.

FXTM research analyst Lukman Otunuga said as concerns rose over possible delays in the US tax reforms‚ equity bears could make an unwelcome appearance‚ consequently exposing global stocks to downside risks‚ sparking risk aversion.

Momentum SP Reid analysts said while the rand remained within a fairly compact range‚ the short-term rate of change exhibited a marginal improvement.

At 11.30am‚ the rand was R14.1577 to the dollar from R14.1559‚ at R16.4248 to the euro from R16.4148 and at R18.5598 to the pound from R18.5704.

The euro was at $1.1601 from $1.1596.