Money SA economy
The rand was weaker in morning play on Tuesday amid a firm dollar.
At 8.55am local time the rand was bid at R7.39 to the dollar, R9.35 to the euro and R11.38 to the pound. The euro was bid at $1.2633 from $1.2636 overnight.
A local dealer said: "We are weaker on the back of a strong dollar, particularly against the euro hovering at around 1.26. We will look for a range of R7.37-R7.43 against the dollar today, and above that we will target R7.50."
RMB analysts said in their morning report that the scope for the HSBC purchase of Nedbank to go ahead got a boost as local officials stated that they already see the bank as foreign owned. "One should then assume the deal will go ahead, implying as we stated yesterday, around $5bn inflows.”
