Money SA economy
The rand maintained its firm footing in afternoon play on Tuesday tracking a slightly stronger euro amid an inflow of foreign buying.
At 3.48pm local time the rand was bid at R7.23 to the dollar, R9.34 to the euro and R11.32 to the pound. The euro was bid at $1.2885 from $1.2812 overnight.
A local dealer said: "We continue to track the euro, with a few importers coming in today. Earlier this morning we bounced off R7.23/$, and depending on what the euro does, we will maintain a range of R7.23-R7.28," she said.
Dow Jones Newswires reports that the euro rose against the dollar on Tuesday after strong demand at an Irish government bond auction soothed investor fears about the ability of countries at the periphery of the euro zone to recapitalize.
US housing starts increased more than expected in July, as building permits dropped, suggesting future construction could be lacklustre.
US producer prices rose a seasonally-adjusted 0.2% for finished goods in July from June, on par with expectations. It was the first increase since March.
The index of producer prices, which measures how much manufacturers and wholesalers pay for goods and materials.
The data releases failed to spark any significant movements in currency markets.
