Rand edges weaker in tight range

JOHANNESBURG (Reuters) - South Africa's rand edged weaker on Tuesday but kept to a tight range and may still trend firmer on the back of solid global equities and positive emerging market sentiment, traders said.

The local currency was trading at 7.2160 to the dollar at 1520 GMT, almost 0.3 percent off its previous New York close of 7.1975 against the greenback. It ranged between 7.1888 and 7.2290 during the session.

Dealers said the rand was rangebound, taking its cue from other emerging markets, but appeared to be ignoring a stronger gold price.

"There is a slight bias to strengthen with emerging markets looking positive," a Johannesburg-based trader said, adding the rand was likely to drift between 7.18 and 7.23 to the dollar.

Some traders attributed initial rand strength to speculation that South Africa was in line for an imminent credit ratings upgrade.