Money SA economy
The rand softened in midday play, tracking a retreating euro amid a firm dollar on the back of strong US data.
At 11.40am the rand was bid at R7.46 to the dollar, R9.82 to the euro and R11.35 to the pound. The euro was bid at $1.3132 from $1.3197 previously.
A local trader said: "The rand is soft on the back of a stronger dollar. The euro has softened amid continued concerns over Greece, while that concern has spread to Italy, and Spain. The rescue plan for Greece has not been as positively received as previously thought. Still, we should find some resistance at R7.50/$," he said.
Dow Jones Newswires reported that the euro resumed its recent slide in Europe on Tuesday, failing to get any support from the rescue package for Greece. The dollar, meanwhile, was lifted by strong US data and the prospects of further improvements in the US economy.
At one stage, this helped the greenback to make it to an eight-month high at €94.99.
News that the European Union and the International Monetary Fund agreed to a €110 billion rescue package for Athens still left investors wary whether the deal will work.
