The rand was range bound in Friday afternoon trade with the crucial election in Greece on Sunday expected to dictate market direction into the new week.

The outcome of the election may well determine the country’s future in the eurozone.

At 18:00 the rand was bid at R8.3578 to the dollar from Thursday’s close of R8.3667. It was bid at R10.5633 to the euro from its previous close of R10.5588 and at R13.0785 against sterling from R13.0021 before.

The euro was bid at US$1.2635‚ from Thursday’s close of $1.2623.

“We are waiting for the elections. Everything is dependent on what happens this weekend. This is a big one but whichever way it goes‚ we are likely to track the euro‚” a local trader said.

Bonds remain well bid

South African bonds gained in afternoon trade on Friday as investors sought safe havens ahead of Sunday’s Greek election.

At 18:00‚ the benchmark R157 bond was trading at 6.105 percent after touching a record low of 6.060 percent in the morning‚ and from Thursday’s close of 6.130 percent and Wednesday’s close of 6.170 percent. The R207 was bid at 7.415 percent and offered at 7.385 percent from a previous close of 7.450 percent and the R186 was trading at 8.110 percent from its previous close of 8.205 percent.

The rand was bid at R8.3578 against the dollar from Thursday’s close of R8.3667 and Wednesday’s close of R8.3877.