Money SA economy
The rand came off its intraday worst levels on Tuesday afternoon, tracking a firmer euro. A local dealer noted a medium term bias towards a weaker rand against the greenback.
At 3.33pm local time local time the rand was bid at R7.39 to the dollar, R9.40 to the euro and R11.33 to the pound. The euro was bid at $1.2730 from $1.2663 overnight.
A local dealer said: "We saw the rand spike up to 7.43 against the dollar, but then we came back off that in correspondence with the euro firming against the dollar.
"We are seeing a mild upward trend on the rand against the dollar, with interest at around 7.40-42 and having come from 7.29 to 7.41 against the dollar over the past few days," he said.
Dow Jones Newswires reports that investors looked warily toward US data releases and a Federal Reserve statement that could paint a darkening picture of the US economy.
Investors turned away from currencies most closely tied to the pace of global growth, such as the Australian and Canadian dollars, while the Swiss franc, considered a key safe harbour in stormy waters, soared to a record high against the euro before receding slightly during New York trading.
