Money SA economy
The rand was virtually at its overnight levels in morning trade on Friday, amid very little action.
At 8.55am the rand was bid at R7.30 to the dollar, R9.95 to the euro and R11.09 to the pound. The euro was bid at $1.3615 from $1.3609 previously.
A local trader said: "We expect a quiet day with very little data to provide significant direction. We really need some movement from the euro above 10 against the rand to see any action, while dollar/rand continues to trade in a tight range."
RMB analysts in their morning report noted that rumours of potential IMF assistance to Greece continue to reverberate through the markets, dragging euro/US dollar lower. The rising cost of Greece's debt reflects increasing panic among investors as the deadline for the debt-ridden nation to refinance 20bn of its debt, draws near.
Dow Jones Newswires reported the euro rose against the yen and dollar in Asia Friday as Japanese short-term investors who have recently bet heavily against the common currency bought it back to hedge against the slight chance it may rise into next week.
