Rand slips on Greek fears, weak economy

Johannesburg - The rand was a touch softer against the dollar on Friday, with investors' jitters over Greece's debt crisis adding to concerns about the struggling local economy.

A local survey showed consumer sentiment plunged to a 14-year low in the second quarter, adding to concerns that the economy might not even manage 2% growth this year.

READ: Consumer confidence nosedives

The pressure on the rand was partly offset by disappointing US employment data, which limited dollar gains.

READ: Mixed US jobs report weighs on dollar

By 09:02 the rand was at R12.2875/$, down 0.31% from Thursday's close.

Government bonds were little changed from previous levels, with the yield on debt due in 2026 at 8.26%.

The rand has fallen more than 6% against the dollar this year as investors expecting rates to increase in the US bail out of higher-yielding but riskier emerging markets.

Fears of contagion after Greece defaulted on its repayment to the IMF has further increased the appeal of so-called safe haven assets.