Money SA economy
The rand was a fraction softer in quiet afternoon trade on Monday amid a bank holiday in the UK.
At 3.42pm the rand was bid at R7.39 to the dollar, R9.78 to the euro and R11.27 to the pound. The euro was bid at $1.3228 from $1.3318 previously.
A local trader said: "It has been a very quiet today for the rand, the range is at 7.38-7.40 against the dollar amid a UK bank holiday."
Dow Jones Newswires reported that the euro fell Monday, even after an unprecedented EUR110 billion bailout plan for Greece won approval over the weekend, as investors fretted over whether political disagreements within individual euro zone countries could delay Greece receiving much-needed cash.
A raft of US data, showing US consumer spending rose twice as fast as income in March, while savings dropped to its lowest level in 18 months as a closely watched indicator of inflation remained stable, had little impact on major currency pairs.
Investors are squarely zeroed in on Greece, analyst said, and whether legislatures in individual euro zone states will agree to fund the €110 billion bailout. European Union heads of state are supposed to meet Friday to give final approval to the lifeline to Greece.
Meanwhile, China's central bank on Sunday announced it was ordering banks to set aside more of their deposits on reserve for the third time this year, a move that comes amid growing inflationary expectations and Beijing's crackdown on surging domestic property prices.
