Rand firmer as US budget stalemate undermines dollar
The rand was bid at R9.9872 to the dollar compared with Thursday's close of R10.0208. Against the euro‚ the rand was bid at R13.5810 from its previous close of R13.6584 and was at R16.0537 against sterling from R16.1958 at its previous close.
The euro was bid at US$1.3604 from its previous close of US$1.3627.
"The market lacks clear direction at the moment. US fiscal uncertainty has been the story of the week‚" Bidvest Bank chief currency dealer Ion de Vleeschauwer said‚ referring to the partial shutdown of the country's government.
The shutdown follows an impasse on budget allocations between President Barack Obama's administration and opponents of his healthcare reform.
Source: I-Net Bridge
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