Money SA economy
The South African rand remained slightly stronger in late trade on Tuesday afternoon as improved risk sentiment and a perkier euro added direction.
At 3.40 the rand was bid Rate R7.64 to the dollar from R7.66 at its previous close. It was bid at R9.41 to the euro and R11.31 to the pound. The euro was bid at US$1.2286 from $1.2214 overnight.
Dow Jones Newswires reports that the euro extended its gains on Tuesday morning, breaking above $1.2300 against the US dollar for the first time in a week as risk sentiment remained positive.
A local trader said: "A very quiet day on the whole. We're in a range of R7.65-R7.75 against the dollar. Let's see if the euro does anything strange overnight."
Dow Jones Newswires says stronger investor appetite for riskier assets and a broader weakness in the U.S. dollar enabled the common currency to extend its rebound from its four-year low in the $1.1900 area last week. The euro's extended rebound does not represent a material change in the outlook for the common currency, and RBC advocates selling any substantial rallies in the currency.
