Dollar priced at more than R7.50

The rand dropped through R7.50 against the greenback on Tuesday with the euro continuing its retreat amid continued uncertainty surrounding Greece's financial aid package.

Before 16:00 the rand was bid at R7.53 to the dollar from R7.39 at its previous close. It was bid at R9.83 to the euro and R11.39 to the pound. The euro was bid at $1.3057 from $1.3197 previously.

A local trader said: "The rand is not having a great day today amid so much uncertainty in Europe. Any bounce from the euro has been shallow. The rand/euro is softer although it does look oversold.

"The local currency should find some resistance at R7.54/$, but through there and R7.60/$ is next," he said.

Dow Jones Newswires reported that the euro fell to a 12-month low against the dollar on Tuesday on considerable doubt as to the Greek government's ability to carry out harsh austerity measures required by its aid package.

The greenback advanced against most other rivals as well, at one point striking an eight-month high of ¥94.99 and a 12-month peak versus against a basket of currencies.  Hopes of further recovery in the US economy contrasted with pessimism about developments in the euro zone.