Money SA economy
The rand was little changed from its morning levels in midday trade on Wednesday, tracking emerging market currencies, and largely ignoring US dollar strength against the majors.
At 11.37am the rand was bid at R7.37 to the dollar, R9.89 to the euro and R11.34 to the pound. The euro was bid at $1.3438 from $1.3436 previously.
A local trader said that risk was returning to emerging market currencies, with the rand back at R7.35/$, from R7.50/$ earlier in the week.
"Rand strength is uncoupled from US dollar strength against the majors, tracking emerging market play. We need to break 7.35, and then 7.29 against the greenback to see a complete reversal of the rand's earlier weakness," he said.
Dow Jones Newswires reported that Greece's debt problems are once again looming large, keeping a lid on any gains that major currencies might have made Wednesday in Europe from a general improvement in global sentiment.
