Money SA economy
The rand was softer in the morning session, tracking a volatile euro amid concerns of further credit rating downgrades to euro-zone members.
At 08.59 the rand was bid at R7.52 to the dollar from R7.47at its previous close. It was bid at R9.57 to the euro and R11.14 to the pound. The euro was bid at U$1.2708 from $1.2777 previously.
A local trader said: "The euro is very volatile and failed to hang onto its gains from yesterday, amid continued concerns of exactly what this rescue package for Greece will mean for the area. The rand is weaker as a result, tracking a firmer dollar. On the crosses however, the rand is stable.
"The range is R7.53-R7.58 against the dollar for now, with a wider range of R7.46-R7.64," he said.
RMB noted in a morning report that Europe's shock and awe stabilisation package brought relief to investors, creating the biggest equity and currency rally in a year, but it is still open to question whether this will be a decisive turning point for the markets.
