Money SA economy
The South African rand was range-bound with a softer bias in afternoon trade on Friday amid thin volumes ahead of the G20 summit in Canada.
A local dealer noted there was little activity as traders wait in anticipation of the G20 resolutions on a variety of issues, including fiscal deficits afflicting some eurozone countries. South Africa will be among participants in the meeting, represented by its President, Jacob Zuma and Finance Minister Pravin Gordhan.
At 15.43pm the rand was bid at R7.64 to the dollar, R9.41 to the euro and R11.73 to the pound. The euro was bid at $1.2290 from $1.2335 overnight.
A local dealer said: "The rand was a little softer today amid thin trades. Traders are anxiously waiting for G20 resolutions on budget deficits plaguing the eurozone countries."
Dow Jones Newswires reports that the dollar was slightly stronger versus the euro Friday as top leaders from the G-20 gathered to discuss the world's economic woes, with equities softening and investors mulling fresh worries about the rising cost of insuring Greek debt.
Markets are focusing on the meeting of the leaders of the Group of 20 industrialized and emerging nations in Toronto, with analysts searching for news about regulatory reforms, a global bank tax and arguments of stimulus versus monetary tightening.
