Money SA economy
The rand tracked a softer euro in morning trade on Tuesday amid fresh concerns over the health of European banks following a report questioning the stringency of the recent stress tests.
At 8.58am local time the rand was bid at R7.24 to the dollar, R9.28 to the euro and R11.10 to the pound.
A local trader said: "The euro has weakened after a report questioned the stringency of the recent stress tests on European banks.
If we break through 7.28 against the dollar, then 7.32 is the next target," he said.
RMB analysts noted in a morning report that the US dollar/rand has moved off Friday's lows.
"Admittedly, with US markets having closed yesterday, we shouldn't read too much into this, but as it stands this suggests last week's move was a false break and support is still evident at 7.17 and 7.20.”
Dow Jones Newswires reports that the euro lost ground against the dollar on Tuesday as market concerns about the financial health of European banks came back to the fore.
