Money SA economy
The South African rand eyed R7.50/$ the US dollar on Tuesday afternoon as the euro lost ground against the greenback.
At 3.40pm the rand was bid at R7.45 to the dollar from R7.38 at its previous close. It was bid at R10.08 to the euro and R11.12 to the pound. The euro was bid at $1.3544 from $1.3618 previously.
"We saw support at 7.36 against the dollar overnight. If we push through 7.42-43 against the dollar, we could see 7.50," said a local currency trader, noting a softer euro against the dollar.
Dow Jones Newswires reported that in the European foreign exchanges, the euro lost ground against the dollar. At 12.00 GMT, the euro was trading at $1.3563, down from $1.3634 in late New York trade on Monday.
Sterling extended Monday's losses against the dollar, and fell to $1.4962 from $1.5066 in late New York trade, dragged lower by the prospects of a hung UK parliament in the forthcoming elections.
Earlier, Dow Jones Newswires reported that the euro came under fresh selling pressure in Europe Tuesday as the market waited to see how US President Barack Obama responded to a request from Greek Prime Minister George Papandreou for help in resolving his country's debt crisis.
Overall, global sentiment has slumped once again as investors took a more realistic view of plans for launching a European Monetary Fund to provide help for euro-zone countries in the future.
