The rand was little changed in the afternoon session on Thursday, tracking the euro, which held up well against the dollar following earlier losses.
At 3.34pm the rand was bid at R7.64 to the dollar, R10.36 to the euro and R11.89 to the pound. The euro was bid at $1.3553 from $1.3607 previously.
A local currency trader said that the rand was performing quite well, tracking the euro, which had recouped some of its earlier losses against the dollar.
Dow Jones Newswire reported the dollar and the yen rose against other major currencies on Thursday in New York as concern over the fiscal health of European countries and a slump in gold and other metal prices sent investors fleeing from riskier assets.
The euro dipped to its low for the week during overnight trading, then recovered some of its earlier losses as New York trading got underway.