Rand slightly firmer, seeks momentum
News that the Numsa strike looks set to continue did not appear to hamper the currency.
JOHANNESBURG - The rand ended slightly firmer to the dollar on Friday although it struggled to find momentum given the lack of market-moving news.
The rand was at 10,5000 to the greenback at 4:05pm, or 0,28 percent firmer.
The local unit hovered around 10,55 for most of the session, before staging a late advance toward the 10.48 level it touched twice this week but has been unable to maintain.
"The rand is drifting toward the bottom ranges," said Jim Bryson, a rand trader at Rand Merchant Bank. "We need to push through the 10,40s to really start generating downside support."
News that over 200,000 members of the National Union of Metalworkers of South Africa have opted to continue a strike seemed to have already been absorbed by the market.
The upcoming week sees the release of domestic producer price inflation data as well as the latest unemployment numbers.