Money SA economy
The South African rand held its firm footing in afternoon trade on Thursday amid a strong inflow of offshore bonds, according to a local trader.
At 3.40pm local time the rand was bid at R7.27 to the dollar, R9.37 to the euro and R11.37 to the pound. The euro was bid at $1.2848 from $1.2843 overnight.
A local dealer said: "The rand seems well offered again with good buying interest at 7.27-28 against the dollar. We are seeing a lot of offshore inflows into South African bonds, which is keeping the rand strong."
Dow Jones Newswires reports that after a brief overnight rally, the euro resumed its downward slide, falling to a three-week low against the dollar after disappointing data out of Europe fuelled rising fears of a global economic slow-down.
The concerns about economic growth benefited traditional safe harbours such as the dollar and yen.
The number of US workers making new claims for jobless benefits unexpectedly climbed last week to the highest level in six months, adding to concerns about the economy's weakness. Initial unemployment claims rose by 2,000 to 484,000 in the week ended Aug. 7. Economists had predicted filings would fall by 14,000 to 465,000.
The disappointing US employment data added to a string of soft data from Europe and Asia that has sent investors running from growth- and risk-sensitive assets.
