Money SA economy
The rand was range bound in morning trade on Friday with very little data about to sway its direction.
At 9.01am the rand was bid at R7.52 to the dollar, R9.31 to the euro and R11.17 to the pound.
"There is very little action this morning, with the rand in a range," a local dealer said.
RMB analysts noted that fortune favoured the euro yesterday as the successful issuance of 3.5bn of Spanish government bonds, allayed market concerns about the country's dubious finances, prompting a rally in euro/US dollar.
Dow Jones Newswires reports that the euro edged higher against the dollar and yen in Asia Friday as rising Tokyo shares and receding concerns over Spain's debt problems gave a boost to risk appetite, prompting investors to buy back the European currency.
Position adjustments could continue to push the single currency higher next week if global stock markets gain more ground, traders said.
"More and more players have started to buy back the euro amid a lack of bad news about Europe's debt problems" over recent days, said Yuichiro Harada, a senior dealer at Mizuho Corporate Bank.
