Money SA economy
The rand remained on the back foot in afternoon trade on Friday amid risk aversion and in line with the emerging market currencies including the Canadian dollar and Brazilian real, a local trader said.
At 3.40pm the rand was bid at R7.97 to the dollar, R9.99 to the euro and R11.46 to the pound. The euro was bid at $1.2539 from $1.2482 previously.
A local trader said: "The rand has taken a bit of a beating against the US dollar amid risk aversion in commodity-backed currencies like the Canadian dollar and Brazilian real.
"The market mood is still fragile even though the euro has held up pretty well against the US dollar today."
Dow Jones Newswires reported that the euro modestly extended its gains on Friday as investors who had bet heavily against the common currency continued to pare their positions, even as festering issues of euro-zone sovereign debt threatened to eventually drag the currency lower.
The approval of Germany's contribution to the €750 billion European Union rescue plan by that country's Parliament also lent some support to the common currency.
