Money SA economy
The South African rand was still under pressure in midday trade on Friday, but off this morning’s worst levels.
A local trader said the local unit was tracking the euro and developments in Europe including the pending vote by the German parliament on the EUR110 billion bailout package for Greece and election results in the UK which indicate a hung parliament.
The latest news is that Germany's lower house of parliament has approved the country's contribution of up to EUR22.4 billion in emergency loans to Greece. The bill now goes to the upper house of parliament later Friday.
The rand gained 34 cents against the British pound in early trade as the currency came under pressure in light of the electoral uncertainty.
At 11.46 the rand was bid at R7.71 to the dollar, R9.83 to the euro and R11.26 against the pound. The euro was bid at US$1.2739 from US$1.2626 previously.
Meanwhile, Dow Jones Newswires reports that an uneasy calm in global financial markets helped the euro to rebound Friday but the currency is still seen very much at risk from further losses.
