Money SA economy
The rand gained ground on Thursday morning, tracking the euro, which recovered against the US dollar, a local dealer said.
At 11.52am local time the rand was bid at R7.29 to the dollar, R9.27 to the euro and R11.33 to the pound. The euro was bid at $1.2709 from $1.2660 overnight.
A local dealer added that the latest producer price index (PPI) number had no effect on the rand. South Africa's PPI registered growth of 7.7% year-on-year (y/y) in July compared with 9.4% y/y in June, Statistics South Africa (Stats SA) data on Thursday showed.
Dow Jones Newswires reports that both the dollar and the yen are under pressure on Thursday because of speculation that Japan and the U.S. might reveal plans for more monetary easing at the Jackson Hole central bankers' symposium at the end of this week.
Of the majors, the euro was the main beneficiary despite renewed fears of sovereign debt problems and an increase in the risk premiums associated with fiscally weaker members of the euro zone.
