Rand down, but off worst levels

A weaker rand tracked the euro in morning trade on Thursday amid jittery markets.

At 8.56am the rand was bid at R7.78 to the dollar, R9.69 to the euro and R11.21 to the pound. The euro was bid at $1.2434 from $1.2387 previously.

A local trader said: "The rand has been all over the place today, tracking the euro. It is difficult to call, but the range looks to be at R7.80-R7.90 against the dollar, as we continue to track the euro, which may try and bounce today," he said.

Dow Jones Newswires said the euro fell against the dollar and yen in Asia on Thursday as comments by Eurogroup Chairman Jean-Claude Juncker prompted investors to sell the single currency and take profits after sharp rises overnight.

The euro's prospects now depend on how the uncertainty over Europe's debt problems affects global share markets.

Market participants will keep their eyes on global share markets, Europe's debt problems, and the fallout from the new German ban on naked short-selling.