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A nothing day

06 September 2004 Angelo Coppola

The rand was trapped in a narrow range against the dollar in late afternoon trade yesterday in a market that was quiet to the Labour Day holiday in the US.

RMB AM and Business Day report that currency traders expected the rand to remain in a wider range for the week, with a sustained break on either side needed to give it fresh direction.

In late afternoon, the rand was quoted at R6,6396 to the dollar from a close of R6,6296 on Friday. It was quoted at R8,0075 to the euro from a previous R7,9426 and at R11,8100 against sterling from Friday's R11,6740.

Nothing has happened today. The rand has traded between R6,6150 and R6,64 a currency trader said. He also said that because of the US holiday, volumes had been thin, with the rand's direction dictated by small exporter and importer flows.

For the week, I think R6,55 to R6,75 will still be the range, with a fresh break needed to give the rand new direction, the trader concluded.

The dollar eased off recent peaks yesterday as a broad-based rally sparked by stronger than expected US jobs data on Friday ran out of steam in a holiday-thinned market.

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The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

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Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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