Rand continues to track euro

The rand remained soft in the afternoon session on Tuesday tracking a firm dollar, but within range of 7.20-32 against the greenback.

The euro meanwhile continued to wilt amid concerns over Greece's sovereign debt.

At 3.40pm the rand was bid at R7.27 to the dollar, R9.71 to the euro and R11.01 to the pound. The euro was bid at $1.3367 from $1.3487 previously.

A local currency trader said: "The rand's softer position is on the back of a stronger dollar, which is up against most of the majors. We are merely playing catch-up. If we get through 7.25 against the dollar, 7.20 is on again."

The trader noted that the local currency continued its range trade of 7.20-32 against the greenback.

Dow Jones Newswires reports that pressure on the euro accelerated early Tuesday in New York amid mounting concerns over Greece's sovereign debt.