Money SA economy
A soft South African rand settled into a range on Tuesday tracking the euro, which found resistance at $1.27.
At 3.46pm the rand was bid at R7.54 to the dollar, R9.57 to the euro and R11.19 to the pound. The euro was bid at $1.2728 from $1.2777 previously.
"The rand found resistance at 7.59 against the dollar, while the euro/dollar found resistance at 1.27. Where the rand goes to from here will be euro dependant," a local dealer said.
Dow Jones Newswires reported that unnerved by the euro zone's giant bailout mechanism and the prospect of patchwork politics in the UK, investors herded back into the safety of the dollar and yen Tuesday, sending the euro and the pound lower.
Currencies sensitive to economic growth or commodity prices, such as the Australian dollar and Brazilian real, also lost ground as speculation resurfaced about a revaluation of the Chinese yuan.
A stronger yuan and tighter monetary policy are seen as slowing China's economic growth, which hurts the demand for exports of countries like Australia and Brazil.
