Money SA economy
The rand was range bound in afternoon trade on Monday with very little news flow to provide direction.
At 3.46pm local time the rand was bid at R7.29 to the dollar, little changed from Friday’s levels. It was bid at R9.35 to the euro and R11.40 to the pound. The euro was bid at $1.2814 from $1.2769 overnight.
A local dealer said: "It's been a nothing day, with the rand in a tight range of 7.28-32 against the dollar. The euro isn't quite sure what it wants to do either with the market appearing to be in a period of consolidation."
Dow Jones Newswires reports that the euro rose against the dollar despite concerns about an upcoming Irish government bond sale on Tuesday. The dollar's slide is attributable in part to declines in US Treasury yields and in part to a partial correction after last week's losses for the euro, said traders.
