Money SA economy
The South African rand bounced off R7.20 to the dollar this afternoon and it maintained its range of R7.20-R7.30 to the US currency.
At 3.32pm the rand was bid at R7.26 to the dollar, R9.72 to the euro and R11.113 to the pound. The euro was bid at $1.3386 from $1.3358 previously.
Dow Jones Newswires reports that the euro rebounded moderately against most rivals Friday morning after Greece got fresh support from European leaders for financial aid, allaying investors' concern over sovereign debt risk.
The common currency rose above $1.34 level during overnight trading, before giving back some of its earlier gains as New York trading got underway. The euro rose 0.5% against the yen, after having dropped to a two-week low Thursday.
Pressure on the euro has intensified with the surge in yield spreads of Greek government bonds over similar German securities as
Greece faces billions of euros in debt coming due next month. The selloff in Greek debt and the euro triggered speculation that help could come soon from the International Monetary Fund and European Union.
