Money SA economy
The rand remained on the back foot in late trade on Monday amid a rise in global risk aversion owing to several factors that have caused investors to seek refuge in the dollar and the yen.
At 3.55pm the rand was bid at R7.44 to the dollar, R9.99 to the euro and R11.34 to the pound. The euro was bid at $1.3438 from $1.3489 previously.
A local trader said all eyes are on the weaker euro and global stock markets. "If the Goldman story continues, then the fallout will affect the Dow, emerging markets and the rand. But if it all calms down then R7.50 should be the high for the rand and then we should start to drift back. So all eyes will be on the stock markets and particularly the Dow tonight," he said.
Dow Jones Newswires reported that the dollar gained against most if its rivals on Monday with investors flocking to safety as shockwaves from the U.S. fraud filing against Goldman Sachs again reverberated through financial markets.
