Money SA economy
The rand held its ground in afternoon play on Friday, amid a euro slide against the dollar below 1.27.
Although the rand has softened against the greenback, its activity was rather muted in comparison to other emerging currencies, and the euro against the dollar, with a trader pointing to a possible lag on the local currency.
At 15:38 local time the rand was bid at R7.33 to the dollar, R9.30 to the euro and R11.35 to the pound. The euro was bid at $1.2693 from $1.2805 overnight.
A local dealer said: "We are possibly seeing a lag on the local currency after a euro slip against the dollar this afternoon." He pointed to a range of R7.29/$-R7.35/$.
Dow Jones Newswires reported that the euro fell to a one-month low against the dollar on Friday after a European Central Bank official suggested monetary policy should remain loose until next year, putting a spotlight on a still-nascent recovery propped by stimulus.
