Money SA economy
A softer rand tracked a stronger US dollar in the afternoon session on Tuesday, with an eye on a psychologically and technically important level of R8.00 against the greenback, according to a local trader.
At 15.47pm the rand was bid at R7.89 to the dollar from R7.96 at its previous close. It was bid at R11.56 to the euro and R12.88 to the pound. The euro was bid at $1.4660 from $1.4773 overnight.
"The rand is a touch softer as a result of a stronger dollar against the majors. Obviously an eye is being kept on breaking R8.00 against the dollar, an important level both psychologically and from a technical point of view.
"We will continue to track equity markets and the dollar this evening," a local trader said.
Earlier, Dow Jones Newswires reported that the US dollar wasn't showing clear direction, in a quiet session without key data releases. The currency gained sharply against the euro, but fell a little against the yen.
In European emerging markets, currencies steadied, albeit at a weaker level, after a brief but rapid sell off late on Monday.
