Money SA economy
The rand settled into in a range against the dollar in early play on Friday tracking the euro.
At 8.54am the rand was bid at R7.76 to the dollar from R7.73 at its previous close. It was bid at R10.52 to the euro and R11.82 to the pound. The euro was bid at $1.3574 from $1.3536 previously.
A local currency trader said: "We have found support at R7.73/$, and within a range of R7.73-83/$, tracking the euro.
RMB analysts said in their morning report that global market action remained orderly but there was a whiff of panic in the air yesterday.
"With imminent funding needs and both Moody's and S&P warning of a rating downgrade, Greece remains the main focus of attention. US jobs data hasn't played along either -7 months after officially exiting recession and there is still no sign of employment creation.”
Dow Jones Newswires reports the euro rose against the dollar in Asia on Friday as an absence of new developments related to Greece's fiscal problem encouraged investors to buy back the common currency, but analysts said the matter will likely keep looming for some time.
