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The rand was softer against the dollar in afternoon trade on Monday as
it tracked a euro that had weakened on concerns that the Greek
government would default on its debt obligations.
"The negotiations started out as a script for a tragedy that had to be avoided at all costs, but as they have dragged on with various actors entering and exiting the stage, it has turned into a farce," a local forex trader said.
At 15:57 local time, the rand was trading at R7.6181 to the dollar from its previous close of R7.5160. It was trading at R9.9389 to the euro from R9.9032 before, and at R12.0034 against sterling from R11.8929 previously.
The euro was trading at $1.3048 from its previous close of $1.3125.
"Although Greek officials indicate that they reached a tentative agreement over the weekend, failure to satisfy EU officials this morning could jeopardise the much needed $14.5bn financial aid that Greece is looking to obtain from the EU by mid-March for some of its existing bond repayment commitments," Barclays Capital said.
"The negotiations started out as a script for a tragedy that had to be avoided at all costs, but as they have dragged on with various actors entering and exiting the stage, it has turned into a farce," a local forex trader said.
At 15:57 local time, the rand was trading at R7.6181 to the dollar from its previous close of R7.5160. It was trading at R9.9389 to the euro from R9.9032 before, and at R12.0034 against sterling from R11.8929 previously.
The euro was trading at $1.3048 from its previous close of $1.3125.
"Although Greek officials indicate that they reached a tentative agreement over the weekend, failure to satisfy EU officials this morning could jeopardise the much needed $14.5bn financial aid that Greece is looking to obtain from the EU by mid-March for some of its existing bond repayment commitments," Barclays Capital said.
