Currencies

... but advancers were limited by traders squaring their books ahead of the May day long weekend.

RMB AM and Business Day report that traders said the rand, which firmed 7c to R6,0695 against the dollar at one point, would trade in a R6,05-R6,15 range pending the outcome of a proposal by Britain's Barclay's to buy a 60% stake in Absa for R32bn.

The rand was trading at about R6,0950 against the dollar by 2.30pm, on Friday, still firmer than its R6,14 close in New York on Thursday night.

The market is still focusing on what is going to happen to the Barclays Absa bid. It was thought that the R6,05-R6,15 to the dollar range should hold until there is an announcement on the bid.

The dollar traded little changed yesterday as dealers, shrugging off weak US factory data, refrained from building fresh positions the day before the Federal Reserve meeting. The Fed is widely expected to raise interest rates for the eighth consecutive time.

By late after noon the euro was flat against the dollar at $1,2861. Earlier the single currency fell to a two-week low at $1,2838 in the aftermath of a soft US factory report.