Money SA economy
The rand remained steady in afternoon trade on Tuesday amid quiet trade, and a slightly firmer single currency.
A local trader noted quiet trade amid very little direction, however he did point to some profit taking on euro/rand. At 3.40pm the rand was bid at R7.532 to the dollar, R9.35 to the euro and R10.91 to the pound. The euro was bid at $1.2413 from $1.2389 previously.
A local trader said: "Trade is pretty quiet at the moment, with no drivers for direction. We have seen some profit taking on euro/rand.”
Dow Jones Newswires reports the euro is higher on Tuesday morning as market players trim their negative bets against the common currency in the absence of new developments in the euro-zone sovereign debt crisis.
Many analysts are calling for the euro's decline to resume in the near term as investors continue to worry about euro-zone sovereign debt problems and their implications for growth.
