Money SA economy
The South African rand firmed in the morning session on Wednesday eyeing R7.28 against the greenback.
The rand is set to track euro play today, a local trader noted.
At 9.02am the rand was bid at R7.33 to the dollar from R7.35 at its previous close. It was bid at R10.10 to the euro and R11.18 to the pound. The euro was bid at $1.3796 from $1.3766 previously.
A local trader said: "The rand has firmed this morning and a sustained push through 7.34 could see 7.28 against the dollar. I do think it could be a slog to break through 7.34 though."
RMB analysts said in their morning report that a gathering of the EU finance ministers yesterday failed to produce any concrete outcomes. "On the whole, the ministers appeared rather hesitant, mulling over matters rather than making firm resolutions.”
Dow Jones Newswires reported the dollar fell against the yen in Asia Wednesday as a widely expected decision by the Bank of Japan to further ease monetary policy prompted Asian speculators to lock in profits by selling the greenback.
