Money SA economy
The rand was range bound on Tuesday morning, tracking the euro for further direction.
At 9.05am the rand was bid at R7.44 to the dollar from R7.42 at its previous close. It was bid at R10.02 to the euro and R11.39 to the pound. The euro was bid at $1.3468 from $1.3487 previously.
A local trader said the rand was range bound yesterday.
"Through 7.47-48 against the dollar and we should go higher, with 7.38 the low end of the range, and tracking the euro," he said.
RMB analysts said in their morning report that the delays to European air travel and the subsequent postponement of talks between EU and IMF officials over the Greek rescue package do not appear to have translated into significant euro/US dollar losses.
Dow Jones Newswires reported that the euro edged higher against the yen and the dollar in Asia Tuesday, as firm Tokyo shares prompted Asian speculators to buy the currency, while Japanese importers bought it for regular settlement. But dealers say it is unclear if the euro can keep rising later in the day.
