Money SA economy
The rand was a fraction softer in midday play on Monday, however the local currency was range bound amid quiet trade as the US celebrates Independence Day holiday.
At 11:37am local time the rand was bid at R7.72 to the dollar, R9.68 to the euro and R11.69 to the pound. The euro was bid at $1.2525 from $1.2558 overnight.
"We have seen some movement on euro/rand, but euro/dollar is quiet with the US on holiday today. The range is 7.68-7.78 against the greenback," a dealer said.
Dow Jones Newswires reports that the dollar rebounded a little Monday after being knocked lower at the end of last week by weak US employment data.
The euro fell against the dollar but rose against the yen, reflecting a general improvement in market sentiment.
However, analysts were uncertain over whether this better sentiment will last for long, given the continued uncertainty over the US economic recovery as well as fears over the euro zone's debt crisis.
