Money SA economy
The rand came off its intraday worst levels in afternoon trade on Tuesday, back to its morning levels and in a range ahead of Monetary Policy Committee (MPC) meeting on Thursday.
At 3.43pm local time the rand was bid at R7.24 to the dollar, R9.24 to the euro and R11.09 to the pound. The euro was bid at USD1.2762 from USD1.2865 overnight.
A local dealer said: "We saw rand weakness creeping in on the back of a fall in the euro earlier today. The rand reached 7.29 against the dollar but has since come back a bit." He said the rand was likely to sit in a range until the MPC meeting and a decision on rates on Thursday.
Earlier Dow Jones Newswires reported that the euro is down on Tuesday after the Wall Street Journal reported that European bank stress tests underestimated the exposure of some major banks to sovereign debt. The report helped to widen the bond spreads on peripheral debtors and knocked European stock markets lower as another wave of euro zone jitters hit the market.
