JOHANNESBURG – South Africa’s rand softened slightly in response to importer demand for dollars after reaching its best level in a month early on Tuesday, but traders said the weaker trend was likely to be short-lived.
At 1000 GMT the rand was trading at 6,32/US dollar after firming by 1,8 per cent to 6,2350 in the morning – its best level since December 4, according to Reuters’ data. “There’s been a bit of demand (for dollars) from importers but I would imagine that exporters will come in from 6,35 upwards,” a local dealer said.”I think we will drift towards 6/dollar as the euro gets stronger, and test the previous peak”.The trader was referring to the 6,0910/dollar level which the rand touched briefly on December 3; which was its stro
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