Money SA economy
The rand was a fraction softer in morning trade on Tuesday tracking the single currency, as markets continue to eye news out of Asia.
At 09.02 the rand was bid at R7.50 to the dollar, R9.24 to the euro and R11.06 to the pound. The euro was bid at $1.2309 from $1.2314 overnight.
A local trader said: "We really need to break 7.54 against the dollar to see any real movement, as we continue to track the euro."
RMB analysts said in their morning report that the People's Bank of China's (PBC) decision to allow greater CNY flexibility inspired market optimism by diminishing the threat of protectionism, ahead of the G-20 summit this weekend.
Dow Jones Newswires reports that the risk-sensitive euro briefly rose against the dollar after China's central bank signalled tolerance for more yuan strength, which investors expect may buoy global financial markets, but the common currency gave up its gains as the Chinese unit later fell in on-shore spot trading in China.
