S. African rand steadies against the dollar

The South African rand is steady against the U.S. dollar in late afternoon trade on Wednesday, supported by a stronger euro and a soaring gold price, which was at a fresh 25-year high.

At 15:45 (1345 GMT), the rand was bid at 6.0318 per dollar from an overnight close of 6.0359.

It was bid at 7.6346 to the euro from a previous 7.5813 and at 11.1157 against sterling from a previous 11.0574.

The rand was firmer on Wednesday morning on the back of the gold price and a strong euro, but it came off a bit due to demand for dollars from a local institution.

However, it has been fairly steady in the afternoon, supported once again by gold and the euro, according to currency traders.

Source: Xinhua