Money SA economy
The rand continued its soft run in the afternoon session on Thursday amid a weaker euro, and ahead of the World Bank's decision on Eskom's loan application at 8pm.
Eskom is seeking a US$3.75 billion loan to help fund the construction of the Medupi coal-fired power station in the Limpopo province.
At 3.40pm the rand was bid at R7.31 to the dollar, R9.70 to the euro and R11.09 to the pound. It was bid at R9.7334/€ from its previous close of R9.7064/€ and was at R11.0911/£ from R11.0686/£. The euro was bid at $1.3310 from $1.3344 previously.
A local currency trader said: "We have seen some good importer demand for dollar/rand today, pushing through 7.30 against the dollar. All eyes are now on the World Bank's decision on Eskom's loan application. The outcome is enormous, particularly if the loan isn't granted. Most assertions however, suggest that the deal will go through.”
Dow Jones Newswires reports that the euro slumped against most rivals Thursday morning as the head of European Central Bank failed to allay investors' fears over Greece's funding problems and sovereign debt risk in Europe.
