Money SA economy
A soft rand tracked the euro in morning trade this morning amid continued volatility on world markets.
At 8.57am the rand was bid at R7.90 to the dollar, R9.91 to the euro and R11.38 to the pound. The euro was bid at $1.2542 from $1.2482 previously.
A local trader said: "There is still a lot of volatility in the market, with Dow taking a tumble overnight. The euro did pull back a bit, but it really needs to stay above 1.25-25 against the dollar to register any sustainable recovery. Euro/rand is still quite weak, and for now we will continue to track the euro," he said.
RMB analysts said in a morning report that markets were ravaged by yet another vicious bout of risk aversion.
Dow Jones Newswires said the yen fell against the euro and the dollar in Asia on Friday after Japanese Finance Minister Naoto Kan said excessive strengthening of the Japanese currency isn't desirable, spooking market players who interpreted it as a hint that Japan might intervene in the market if the yen strengthens too much.
