Money SA economy
The rand firmed a smidgen but was still confined to a narrow range in late trade on Tuesday as the euro managed to eke out some small gains against some of the other major currencies.
At 4pm the rand was bid at R7.79 to the dollar, R9.30 to the euro and R11.20 to the pound. The euro was bid at $1.1928 from $1.1922 overnight.
Dow Jones Newswires reports that the euro fell to a fresh all-time low against the Swiss franc but managed minor gains versus the dollar and yen on Tuesday as concern over the euro-zone's debt crisis kept investors uncertain about riskier assets.
The euro moved in lockstep with the demand for risk, advancing as US Federal Reserve Chairman Ben Bernanke said the U.S. recovery is on track, then retreating as the Swiss National Bank published its reserve figures, indicating heavy intervention to slow the franc's appreciation.
Investors are worried that the euro-zone's sovereign debt woes will put a drag on world economic recovery, with currencies spiking and dipping as markets respond to news of the latest developments.
