Rand still firm against global currencies

The rand was firmer against the major currencies on Wednesday despite some weakness in the euro against the US dollar.

At 9.05am the rand was bid at R7.36 to the dollar, R9.88 to the euro and R11.29 to the pound. The euro was bid at $1.3431 from $1.3436 previously.

A local trader said that risk was back, with emerging market currencies the main beneficiaries.

"We came off 7.50 a few days ago, and we have just seen general strength in the rand against the dollar since then," he said.

"We have seen the euro come off quite a bit against the dollar overnight, but so has the dollar/rand," he noted.

Dow Jones Newswires reported the euro remains under pressure Wednesday against the U.S. dollar and the yen, weighed down by lingering concerns over Greece's fiscal issues.