Money SA economy
The South African rand shrugged off a softer euro in midday play on Thursday, trading at the low end of its range of 7.27-37 against the dollar.
At 11.35am the rand was bid at R7.28 to the dollar, R9.99 to the euro and R11.17 to the pound. The euro was bid at $1.3680 from $1.3735 previously.
A local trader said: "I don't expect fireworks today. The rand has brought down its range to 7.27-7.37 against dollar, with offers at 7.30, and having taken a weaker euro in its stride."
Dow Jones Newswires reported that in the European foreign exchanges, the euro was hit by the news that Greece may go to the IMF for help. At 09:10 GMT, it was quoted at $1.3668, down from $1.3738 in late New York trade Wednesday.
Earlier, Dow Jones Newswires reported that 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.
