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S.Africa’s rand retreats, 6.75/dollar still in sight

By on December 6, 2010

South Africa’s rand weakened slightly against the dollar on Monday after touching a 3-½ week high on Friday, but upside at 6.75 remains a target if last week’s late rally resumes.

At 0644 GMT, the local currency was at 6.8725 to the dollar, 0.26 percent off Friday’s close at 6.8550.

“Dollar/rand has been quite volatile of late. I think there’s quite a big level at 6.85. If it goes through that it go even lower; 6.75-ish should be the next target,” a Johannesburg trader said.

“But we expect it to trade in a range, mostly between 6.85 and 6.95 for today.”

Government bonds were at Friday’s closing levels, with yields on 2015s and 2026s flat at 7.33 percent 8.335 percent, respectively.

The local bourse looked set to open slightly higher, with the blue chip Top-40 December futures contract up 0.32 percent prior to the 0700 GMT start of trade on the JSE securities exchange.

Reuters.

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