Money SA economy
The South African rand remained softer in afternoon trade on Tuesday, virtually unchanged from its midday levels as investors fretted about global economic recovery.
A local dealer said the South African currency was weaker in line with emerging currencies as equity markets pulled back on concerns about the sustainability of the global recovery.
At 15.40pm the rand was bid at R7.63 to the dollar, R9.30 to the euro and R11.50 to the pound. The euro was bid at $1.2174 from $1.2272 overnight.
A local dealer said: "The rand is weaker in line with the emerging currencies on the back of lower investor appetite for risk. The underlying concern is the sustainability of the global economic recovery."
Dow Jones Newswires reports that the dollar and the yen rallied Tuesday, with the euro dropping to its lowest point since 2001 against the yen as nervous investors sought out safe-haven currencies amid worries about global growth and financial system stability.
Risk-sensitive currencies such as the Australian, New Zealand and Canadian dollar fell sharply.
The euro has borne the brunt of the adjustment, falling to levels not seen since late 2008 against the pound and probing new record lows against the Swiss franc as well as hitting its lowest level in more than eight years against the yen, they said.
