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Rand tracks firmer euro

9 Jul 2013

The rand continued to track the euro‚ (9 July) reaching an intra-day best level of R10.04/$‚ as optimism over Greece securing additional funds to boost its economy continued to provide support.

"It's a euro-dollar play at the moment‚" said Michael Keenan from Absa Capital

In morning trade the rand was bid at R10.0697 to the dollar from Monday's (8 July) close of R10.1499 and last Friday's (5 July) close of R10.1900. The local currency was bid at R12.9640 to the euro from its previous close of R13.0640 and was at R14.9863 against sterling from R15.1819 at its previous close.

The euro was bid at $1.2875 from $1.2868 at Monday's close and $1.2828 at Friday's close.

International lenders on Monday approved Greece's latest bailout tranche of US$8.7bn. The rand often tracks the euro as the eurozone is SA's largest trading partner.

Source: I-Net Bridge

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