Money SA economy
The South African rand was on the front foot in midday trade on Thursday as global risk appetite improved on the back of encouraging economic data, sparking some interest in high-yielding currencies and a limited recovery in the euro.
At 11.50am the rand was bid at R7.60 to the dollar, R9.34 to the euro and R11.16 to the pound. The euro was bid at $1.2288 from $1.2236 previously.
"The rand is on the front foot. Everything is strengthening against the dollar at the moment. The rand has also firmed a bit against the euro," a local currency trader said.
RMB analysts said the rand, along with the Australian dollar, was benefiting from a renewed interest in high yielding currencies.
Dow Jones Newswires reported that the euro staged a limited and hesitant rebound Thursday as strong U.S. and euro-zone data helped to lift general market sentiment. However, the single currency is still seen vulnerable to continued sovereign debt concerns and is likely to remain a funding currency.
