Money SA economy
The South African rand remained marginally weaker against the dollar in late trade on Thursday amid a rise in global risk aversion as renewed concerns over Greece took its toll on the euro.
It was bid at R7.33 to the dollar R9.95 to the euro and R11.36 to the pound. The euro was bid at $1.3530 from $1.3655 previously.
Local trader pointed out that the rand was off the session's worst levels and was holding up well considering the euro's fall and the gains made by the dollar against the major currencies.
Dow Jones Newswires reported that the euro fell sharply Thursday as concern over Greek debt once again reared its head after reports of little demand for a dollar-denominated bond Greece expects to issue later this month.
Greece pared the amount it expected to raise from the dollar bond, according to two government officials, and could even drop the bond altogether if U.S. investors express little interest in Greek debt.
The euro declined by more than 0.8% against the dollar by morning trading in New York, while the gap widened between the yield in German bunds, the euro zone standard bearer--and Greek bonds.
