Money SA economy
The rand was well offered in midday trade amid heavy dollar selling, according to local forex traders.
At 11.47am the rand was bid at R7.35 to the dollar, R9.80 to the euro and R11.36 to the pound. The euro was bid at $1.3307 from $1.3357 previously.
A local trader noted that the rand was well offered amid dollar selling from a UK bank. "The rand has hit 9.80 against the euro, and is well offered at 7.35 against the dollar, with resistance at 7.40," he said.
"We have seen a Japanese name selling heavily this morning, keeping the rand well offered, with buying at 7.36 to the dollar," one other trader said.
"The Greek issue is not over just yet, so there is still some risk in terms of that," he added.
Dow Jones Newswires reported that Greece's bailout failed to support for the euro for long, with the single currency slipping back in Europe Monday.
Uncertainty over how the rest of Greece's negotiations with the European Union and the International Monetary Fund will proceed; concern that Greece will still have problems implementing austerity measures demanded by the rescue plan; and fears that other indebted euro-zone nations could still face their own funding problems continue to weigh on the market.
The pound, meanwhile, has continued to rise, despite polls showing that the UK faces a hung parliament after general elections on May 6.
