Money SA economy
The rand continued its range bound trade on Tuesday afternoon after it had briefly firmed on better than expected GDP figures.
South Africa's real gross domestic product (GDP) at market prices on a quarter-on-quarter (q/q) seasonally adjusted annualised (saa) basis rose by 3.2% in the fourth quarter of 2009 after +0.9% in the third quarter of 2009, Statistics South Africa (Stats SA) data showed on Tuesday.
At 3.45pm the rand was bid at R7.70 to the dollar, R10.43 to the euro and R11.86 to the pound. The euro was bid at $1.3560 from $1.3605 previously.
A local currency trader said: "We are still very much range bound at R7.75 topside against the dollar, with resistance at R7.62.
Dow Jones Newswire reported the dollar strengthened Tuesday as weaker-than-expected euro zone economic data and continued concern over Greece's economy sapped risk appetite, leading commodities and European stocks lower.
The UK pound also slipped as Bank of England Governor Mervyn King said weaker euro zone growth could dent a nascent UK recovery.
