Money SA economy
The rand remained steady in afternoon trade amid a recovering euro, off its four-year lows.
At 3.42pm the rand was bid at R7.51 to the dollar, R9.33 to the euro and R10.90 to the pound. The euro was bid at $1.2398 from $1.2356 previously.
A local trader said: "The euro has staggered higher today, and the rand has remained strong in comparison."
He noted that the local currency would continue to track the single currency.
Dow Jones Newswires reports that the euro bounced from a four-year low hit in overnight trading on Monday, but remained lower against the dollar as fears the euro zone debt crisis will worsen led investors out of the common currency.
A lack of negative news is not stopping the euro's slide, analysts said, as investors eye government debt repayments expected from Greece and Portugal later this week, and a fresh issuance of debt expected from fiscally strapped Spain, keeping the topic of euro zone sovereign debt fresh on investors' minds.
Investors fear the debt crisis could morph into a full-blown credit crunch, analysts at BNP Paribas said.
