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A bit of pressure

07 October 2004 Angelo Coppola

It was weighed down by a rise in last month's reserves which analysts said indicated the Reserve Bank had increased its pace of dollar buying in the market.

Analysts said that a rising dollar following a data showing a sharp drop in first-time claims for US employment and mounting nerves ahead of the Bank's monetary policy meeting next week were also pinning the rand at weaker levels.

The rand was trading at R6,5930 a dollar, after earlier slipping to R6,61.

It closed at R6,5190 against the dollar on Wednesday.

In New York the dollar slipped yesterday as traders adjusted positions to neutral levels ahead of today's key US payrolls report, but some analysts think the currency is poised to rally against the euro.

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