Money SA economy
The rand remained strong but off the session's best levels in late trade on Monday as it tracked the Euro.
At 3.40pm the rand was bid at R7.21 to the dollar, R9.83 to the euro and R11.13 to the pound. The euro was bid at $1.3597 from $1.3630 previously.
Earlier the rand diced with the key 7.20 per dollar level as the euro firmed sharply as the euro-zone backed support package for troubled Greece. It moved below the level, but was unable to stay there as the euro gave up some ground.
"It was briefly below 7.20 but couldn't stay there. The rand is still in a 7.20 to 7.28 range and we will just have to wait and see what the euro does in the next couple of days," said a local trader.
Dow Jones Newswires reported that the euro gained on hopes a Greek aid package announced over the weekend would alleviate pressure on Greek debt, though it slipped from its highest levels of the trading session against the dollar as investors pondered whether the plan would work.
The first test of the Greek aid plan will come Tuesday when the country attempts to raise EUR1.2 billion in an offer of six-month and one-year notes; however, some analysts said an even more important test will come when the country starts a road show in late April to drum up support for $5 billion to $10 billion of bonds aimed at U.S. investors.
