Money SA economy
The rand continued to perform well on a trade weighted basis by midday on Thursday, however the local currency was softer against the dollar, tracking an under pressure euro.
At 11.39am the rand was bid at R7.63 to the dollar, R10.34 to the euro and R11.89 to the pound. The euro was bid at $1.3566 from $1.3607 previously.
A local currency trader said: "The rand is performing well on a trade weighted basis, following on from a positive budget. However, the euro is under a bit of pressure, and that has implications for dollar/rand movement."
Dow Jones Newswires reports that in the European foreign exchanges, the euro continued to fall amid lingering concerns over debt-strapped Greece, and worries that the fiscal contagion could spread to Portugal, Spain or even Italy.
The IMF's announcement on gold also prompted purchases of the dollar against the risk sensitive euro, dealers said.
