Money SA economy
The rand was firmer in early trade on Tuesday, tracking the stronger euro.
At 08.45am local time the rand was bid at R7.68 to the dollar, R9.68 to the euro and R11.67 to the pound. The euro was bid at $1.2580 from $1.2537 overnight.
A local trader said the euro was firmer this morning and the rand was following the trend. However the rand would have to move through the 7.68 area to post further gains.
RMB analysts noted in their morning that currency markets have been subdued and while the action will pick up today the view still seems to be for jittery but sideways trade in the rand and its compatriot currencies.
"EUR/USD remains the market indicator to watch but for now both USD/ZAR and EUR/ZAR should be subdued at just below last week's highs of 7.78 and 9.74," they said.
Dow Jones Newswires reports the yen is modestly higher against both the US dollar and the euro, spurred by news China has increased its purchases of Japanese government bonds, traders said. Data from Japan's Ministry of Finance showed Tuesday China bought Y541.00 billion worth of Japanese securities from January through April.
