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Johannesburg - The rand was weaker‚ but off the session’s worst levels on Monday at noon‚ as global risk sentiment regarding the Cyprus bailout deal improved‚ boosting euro/dollar crosses.
At 12:02‚ the rand was bid at R9.1918/$ from R9.1684/$ at Friday’s close.
The local currency was bid at R11.9095/€ from its previous close of R11.7640/€ and at R13.8997 against sterling from R13.8714 before.
The euro was bid at $1.2960 from $1.2891 at Friday’s close.
“Global risk aversion quietened down a little bit‚ boosting euro/dollar strength‚ which in turn pulled the rand back from earlier losses‚” said Mike Keenan‚ analyst at Absa Capital.
Cyprus proposed a tax on the country's bank depositors to decrease the costs of the bailout - which‚ if passed by parliament‚ would mark the first time that such a strategy has been implemented during the five-year euro zone crisis.
The move may erode savers' confidence across the currency bloc and add to popular anger over the handling of the crisis‚ Dow Jones Newswires reported.
At 12:02‚ the rand was bid at R9.1918/$ from R9.1684/$ at Friday’s close.
The local currency was bid at R11.9095/€ from its previous close of R11.7640/€ and at R13.8997 against sterling from R13.8714 before.
The euro was bid at $1.2960 from $1.2891 at Friday’s close.
“Global risk aversion quietened down a little bit‚ boosting euro/dollar strength‚ which in turn pulled the rand back from earlier losses‚” said Mike Keenan‚ analyst at Absa Capital.
Cyprus proposed a tax on the country's bank depositors to decrease the costs of the bailout - which‚ if passed by parliament‚ would mark the first time that such a strategy has been implemented during the five-year euro zone crisis.
The move may erode savers' confidence across the currency bloc and add to popular anger over the handling of the crisis‚ Dow Jones Newswires reported.
