Money SA economy
The rand was range bound in the morning session on Thursday, but eyeing a softer euro following news that Greece may seek help from the International Monetary Fund.
A local trader said: "The rand is in a range of 7.28-7.34 against the dollar however, the euro has come off yesterday's levels following comments on Greece during Asian trade. "If the euro loses further ground it could spark rand weakness through 7.36 against the dollar," he said.
Dow Jones Newswires reported the euro fell against the dollar and yen in Asia Thursday as news that Greece may seek help from the International Monetary Fund caused currency players to offload the single currency.
Dealers said the downward pressure on the currency would continue for now because many players had bought the euro on views that Greece's fiscal problems would be solved without the need for stringent fiscal and monetary policy measures.
Earlier in Asian trading, falling Tokyo stock prices caused foreign hedge funds, Japanese institutional investors and interbank dealers to sell the euro, traders said.
