The rand was a tad weaker than its noon levels in late afternoon trade on Wednesday, with a local trader saying the currency was remaining broadly in range in a quiet session.

At 3.45pm the rand was bid at 7.3904 to the dollar from 7.3630 at its previous close. It was bid at 11.0675 to the euro from its previous close of 11.0083 and was at 12.2905 against sterling from 12.0558.

The euro was bid at US$1.4994 from US$1.4938 overnight.

"We are broadly still in range. Above 7.45-7.46 we might run to 7.55- 7.57. On the downside, if we break 7.27, we could move below the 7.00s," a trader said.

"We saw the rand move to the 7.45 level on the dollar that strengthened. The rand will hover around the 7.40 level and will remain in a range around the 7.32-7.47 level," another trader said.

"We will have to wait and see what the Governor does tomorrow [with the Monetary Policy Committee interest rates decision]. Markets are quiet," he said.

Dow Jones Newswire reports that the pound is substantially stronger against the dollar on Wednesday morning after bullish minutes from the Bank of England, while the euro is flat after relinquishing earlier gains as stock markets retreat.

The pound hit a high of $1.6592 overnight, its highest level since mid- September, according to EBS via CQG, after the minutes from the Bank of England's last meeting suggested it may not extend its £175-billion asset- purchase programme next month, as had been widely expected.

"It wasn't really anything out of ordinary in the Bank of England minutes, but it was enough that it wasn't dovish and they're holding the line" on further asset purchases, said Steve Butler, director of foreign at Scotia Capital in Toronto.

The pound had been oversold in recent weeks as investors bet on an extension of the programme, so a sharp rebound is not surprising, he added.

The euro reached a high at $1.4966 in overnight trading on Wednesday, but then receded along with stock markets.

"It was a rough day for (stocks) yesterday (Tuesday), and it looks like right now they're going to be off to a slow start, so it's not surprising to see New York come in this morning and try to buy some dollars," Butler said.

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