Money SA economy
The rand firmed a fraction in midday trade on Friday tracking a stronger euro.
A trader noted that bias was still towards 7.50 against the greenback, with Greece featuring as a spur for further direction.
At 11.42am the rand was bid at R7.46 to the dollar, R9.95 to the euro and R11.45 to the pound. The euro was bid at $1.3325 from $1.3268 previously.
"Dollar/rand has come off a little as a result of a stronger euro, however 7.50 against the dollar is still significant and in play. We will continue to keep an eye on Greece for further direction and if we end the week above 7.50, we should see a weaker rand next week," a local currency trader said.
Dow Jones Newswires reported that the euro rebounded in Europe Friday, helped by more strong economic data suggesting that the euro-zone recovery is becoming more established.
However, market sentiment remains constrained by concerns over Greece and suggestions that the country might be seeking a short-term solution to its debt problems while talks with the International Monetary Fund and the European Union proceed.
Analysts said they are now looking to see if anything emerges from a meeting of finance ministers from the Group of 20 nations in Washington this weekend, where Greece is expected to be top of the agenda.
