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Johannesburg - The rand lost some ground against
the buck in midday trade, but awaited further news out of the eurozone
for significant direction.
At 11:55 local time, the rand was trading at 7.8791 to the dollar from its previous close of 7.8135. It was trading at 10.8055 to the euro from 10.7786 before, and at 12.3575 against sterling from 12.3073 previously.
The euro was at $1.3722 from $1.3789 before.
A local dealer said that while the local currency had weakened a touch against the dollar, the moves were not significant as investors chose to await further progress out of the eurozone. He said that the rand had hovered around the technical level of 7.80, with the bounce higher, "nothing serious".
Rand Merchant Bank said in a morning note: "All attention remains on the eurozone but, today we will also receive some interesting data, notably out of the US. Euro/US dollar and global stocks remain the best indicator for the rand. If they can make further gains, then US dollar/rand should manage to break lower.
Dow Jones Newswires reported that in foreign exchanges, the euro was higher on signs of progress made by European officials to contain the eurozone's banking and sovereign debt crisis.
It said that investors continued to digest recapitalisation plans for the euro-zone's banks but mixed earnings from Europe's blue chip stocks were a reminder that the global economy remains fragile.
US earnings season would continue to dominate in investors' minds on Thursday, with JPMorgan Chase releasing third-quarter results later in the session.
An Italian bond auction totalled €6.185bn, with up to €6.5bn planned.
At 11:55 local time, the rand was trading at 7.8791 to the dollar from its previous close of 7.8135. It was trading at 10.8055 to the euro from 10.7786 before, and at 12.3575 against sterling from 12.3073 previously.
The euro was at $1.3722 from $1.3789 before.
A local dealer said that while the local currency had weakened a touch against the dollar, the moves were not significant as investors chose to await further progress out of the eurozone. He said that the rand had hovered around the technical level of 7.80, with the bounce higher, "nothing serious".
Rand Merchant Bank said in a morning note: "All attention remains on the eurozone but, today we will also receive some interesting data, notably out of the US. Euro/US dollar and global stocks remain the best indicator for the rand. If they can make further gains, then US dollar/rand should manage to break lower.
Dow Jones Newswires reported that in foreign exchanges, the euro was higher on signs of progress made by European officials to contain the eurozone's banking and sovereign debt crisis.
It said that investors continued to digest recapitalisation plans for the euro-zone's banks but mixed earnings from Europe's blue chip stocks were a reminder that the global economy remains fragile.
US earnings season would continue to dominate in investors' minds on Thursday, with JPMorgan Chase releasing third-quarter results later in the session.
An Italian bond auction totalled €6.185bn, with up to €6.5bn planned.
