Money SA economy
The rand continued its firm run in afternoon trade on Monday, in line with commodity-based currencies and amid buoyant equity markets.
At 3.41pm local time the rand was bid at R7.35 to the dollar, R9.53 to the euro and R11.39 to the pound. The euro was bid at $1.2932 from $1.2886 overnight.
A local dealer said: "We have seen the rand strengthen steadily over the past week, while this current strength can't be seen in isolation. Commodity currencies are all doing well and equity markets have also improved."
He said that the rumoured Nedbank takeover would not have done the local currency any harm either.
The Financial Times of London reported that two British banks, HSBC and Standard Chartered, were in talks with Old Mutual over its 52% stake in Nedbank.
Dow Jones Newswires reports the euro is up slightly against the dollar on Monday, gaining only modest support from the results of last week's European bank stress tests.
Investors are relieved to find that the results of the tests, released on Friday, included no new calamities. The euro didn't soar on the outcome of the tests, but it didn't plummet either. The dollar was lower early Monday, with the yen, euro and UK pound posting slight gains.
