Rand follows euro softer
The rand was softer on Tuesday afternoon due to a weaker euro‚ albeit off its intraday low. The euro did pick up a little on rumours that Greece was getting more money‚ but the rumour was denied‚ and the euro slipped lower again‚ with the rand following suit. Europe is SA’s biggest trading partner.
“The rand is continuing to be under pressure‚ but it is not headline driven today‚ but rather by good importer demand‚” said Jim Bryson‚ currency trader at Rand Merchant Bank.
At 3.42pm‚ the rand was bid at R8.7887 to the US dollar from Monday’s close of R8.7483. The local currency was bid at R11.1513 to the euro from its previous close of R11.1108 and at R13.9517 against sterling from R13.8792 before.
The euro was bid at $1.2686 from Monday’s close of $1.2707. - I-Net Bridge