Money SA economy
The South African rand continued to eye 7.28 against the dollar in midday play on Wednesday tracking a steady euro.
The local currency did not react to the latest SA retail sales stats.
South African retail trade sales at constant (2008) prices for January declined -1.7% year-on-year (y/y), after recording a revised -3.8% (y/y) decline in December, figures released on Wednesday by Statistics South Africa showed.
Retail trade sales, at current prices, for January 2010 increased by 4.7% compared with January 2009, while sales for the corresponding period in 2009 increased by 12.4%.
At 11.55am the rand was bid at R7.3182/$ from R7.3500/$ at its previous close. It was bid at R10.0800/€ from its previous close of R10.1129/€ and was at R11.2182/£ from R11.1827/£.
The euro was bid at US$1.3772 from US$1.3766 previously.
A local trader said there was no reaction to SA retail data. "At these current levels there is support for dollar/rand, tracking a slightly firmer euro.
"A further bounce from the euro and we could see the rand at R7.28/$, and then R7.25/$," he said.
Dow Jones Newswires reported that in the European foreign exchanges, the euro was steady on the Fed's statement and S&P's comments on Greece.
