"The rand found support at R9.86/$ but we expect it to remain range bound‚ taking its cue from what Bernanke says at Congress‚" a local trader said.
In morning trade the rand was bid at R9.9604 to the dollar down from Monday's close of R9.8679. The local currency was bid at R12.9530 to the euro from its previous close of R12.8998 and was at R14.9424 against sterling from R14.9096 at its previous close.
In Europe‚ German investor confidence fell short of expectations with sentiment in the eurozone's largest economy falling by 2.2 points to 36.3 points in July amid ongoing uncertainty over the Euro crisis. While consumer price inflation in the 17-nation bloc held steady at 1.6% in June‚ official data showed.
The euro was little changed‚ following the release of the data at $1.3069 from $1.3059 on Monday (15 July).
Source: BDLive via I-Net Bridge
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