Money SA economy
The rand was slightly firmer during the morning session on Tuesday after being supported by a firmer euro against the dollar and continued foreign appetite for SA fixed income assets.
At 12.13pm local time the rand was bid at R7.23 to the dollar, R9.33 to the euro and R11.32 to the pound. The euro was bid at $1.2894 from $1.2812 overnight.
"The local unit remains on the front foot this morning, supported by the firmer euro against the dollar. However, global investors' risk appetite continues to be restrained by worries over the slowing international economic recovery, as well as concern over Euro Zone sovereign debt, which may limit the rand's near-term gains," said Nedbank Capital.
The rand benefited on Monday from foreign portfolio inflows into the local bond market, a trend which continued during the morning session on Tuesday, according to a dealer.
