The rand was weaker in early trade on Tuesday as the euro edged lower as questions arose around the details of the support for troubled Greece.
At 8.35am the rand was bid at R7.26 to the dollar, R9.89 to the euro and R11.19 to the pound. The euro was bid at $1.3584 from $1.3592 previously.
RMB analysts said in their morning report that it hasn't taken long for the markets to question the Greek bailout. Concerns rest on four issues - the delineation of IMF and EU responsibilities, the need for approval from the German, Dutch and Irish parliaments, rumours of tough conditionality and that the bailout is deeply unpopular in Germany.
"EUR/USD gains then aren't continuing and it's quite possible to see some losses back to 1.3500 today. The key focus will be on Greece's bill issuance. As such, Greece has bought time but no lasting solution."
They added that this is not an environment favourable to USD/ZAR downside and even though the Dow closed above the 11,000 level, UZD/ZAR seems set to drift in the 7.25 - 7.30 range.
Dow Jones Newswires reported that the euro is edging lower as doubts about the endurance of its recent rally surface, while the yen rallies on safe-haven considerations.