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Rand tracks stronger euro

Johannesburg - The rand reversed earlier losses in late trade on Tuesday after the euro, which the local currency frequently tracks, staged a turnaround.

At 18:00 local time, the rand was trading at 8.3013 to the dollar from its previous close of 8.2837. It was trading at 11.0159 to the euro from 10.9271 before, and at 12.7623 against sterling from 12.7787 previously.

The euro was at US$1.3279 from US$1.3192 before.

Dow Jones newswires reported that the euro fell against the dollar as Federal Reserve Chairman Ben Bernanke began his testimony Tuesday morning but quickly reversed to rise to session highs.

Bernanke told U.S. lawmakers the central bank is ready to do more to help the U.S. economy, but said Congress and the White House can also take steps that would aid a persistently weak recovery.

In prepared remarks to a bipartisan Congressional panel, Bernanke said that fostering healthy growth is a "shared responsibility of all economic policymakers, in close cooperation with the private sector."
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Rand - Dollar
18.88
+0.3%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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