Johannesburg – The rand was little changed from its overnight levels in the morning session on Wednesday, however
the local currency continues to track a weaker euro as debt issues in Europe persist.
At 08.57 the rand was bid at R7.5339 to the dollar from R7.5545 at its previous close. It was bid at R9.8087 to the euro from its previous close of R9.8095 and was at R11.4409 against the sterling from R11.4378.
The euro was bid at $1.2992 from $1.2965 previously.
A local trader said: "Euro/rand has held up quite well. Any rand weakness is as a result of a soft euro, and not the local currency itself.
The rand is stitched to the euro. If we break through R7.54 against the dollar, we could go to R7.60.
"The single currency has had a lot of bad news thrown at it, but has held up relatively well," the trader said.
- I-Net Bridge
the local currency continues to track a weaker euro as debt issues in Europe persist.
At 08.57 the rand was bid at R7.5339 to the dollar from R7.5545 at its previous close. It was bid at R9.8087 to the euro from its previous close of R9.8095 and was at R11.4409 against the sterling from R11.4378.
The euro was bid at $1.2992 from $1.2965 previously.
A local trader said: "Euro/rand has held up quite well. Any rand weakness is as a result of a soft euro, and not the local currency itself.
The rand is stitched to the euro. If we break through R7.54 against the dollar, we could go to R7.60.
"The single currency has had a lot of bad news thrown at it, but has held up relatively well," the trader said.
- I-Net Bridge