/ 28 April 2001

RAND FIRMS ON UPBEAT SENTIMENT JSE

THE South African rand retained its firm foothold on Wednesday morning floated by positive sentiment, dealers said. The rand was last quoted at R8.0820 to the U.S. dollar from a previous close of 8.0700. “Dollars have been long and dealers have been clearing their long positions, which has helped the rand firm quite a bit,” a currency trader said. “We are now seeing a lot of local as well as offshore interest to sell dollars.” A dealer said market sentiment had turned from negative to positive. The rand has recovered more than 12 cents since recording an all-time worst of 8.20 on Monday. Dealers said they were now turning their attention to the European Central Bank meeting, which takes place on Thursday but few analysts expect a cut in the refinancing rate. “Depending on the euro, the rand could go either way,” the dealer said.

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