Money SA economy
A softer South African rand tracked the euro in morning play on Thursday amid continued financial problems in Greece.
At 8.56am the rand was bid at R7.29 to the dollar from R7.25 yesterday. It was bid at R9.73 to the euro and R11.09 to the pound. The euro was bid at $1.3316 from $1.3344 previously.
A local trader said: "The euro is weaker amid continued financial problems in Greece, or so they are saying. The immediate target is 7.30 against the dollar, with the range at 7.28-34.
"We will continue to track the euro."
RMB analysts said in a morning report that the rand would continue to track sideways ahead of the World Bank's decision on Eskom's loan application at 8pm tonight.
Dow Jones Newswires reported that the euro dropped against the dollar in Asia Thursday as Asian hedge funds sold the single currency on speculation that interest rate differentials between the US and Europe will keep widening for the time being.
