Money SA economy
The rand was off its earlier best levels by midday Monday, tracking the euro which has also pulled back from its earlier highs.
At 11.42am the rand was bid at R7.24 to the dollar from R7.21 at its previous close. It was bid at R9.85 to the euro and R11.17 to the pound. The euro was bid at $1.3614 from $1.3630 previously.
Earlier the rand diced with the key 7.20 per dollar level as the euro firmed sharply as the euro-zone backed support package for troubled Greece. It moved below the level, but was unable to stay there as the euro gave up some ground.
"It was briefly below 7.20 but couldn't stay there. The rand is still in a 7.20 to 7.28 range and we will just have to wait and see what the euro does in the next couple of days," said a local trader.
With little new economic data scheduled early this week, the Greek economic crisis is expected to continue dominating sentiment and provide the single currency with some further resilience.
