* Rand strengthening with a stronger euro
* Currency seen at 8.15 against the dlr
By Vuyani Ndaba
JOHANNESBURG, July 27 (Reuters) – South Africa’s rand firmed
in late Friday trade, lifted by comments from French and German
leaders who promised to do all they could to safeguard the euro,
the currency of South Africa’s largest trading partner.
The rand was 0.28 percent firmer at 8.2171 against the
greenback at 1500 GMT, from Thursday’s New York close of 8.2450.
The euro rallied to a three-week high against the
dollar on Friday as German Chancellor Angela Merkel and French
President François Hollande spoke of their readiness to do
anything to safeguard the euro.
“The rand is stronger on a lot stronger euro, very positive
noises coming out of euro land,” said Jim Bryson, a trader at
Rand Merchant Bank.
“The rand has room to move to 8.15 now, certainly if this
euro keeps moving up like this,” he added.
On the domestic front, Reserve Bank Governor Gill Marcus
said the risks to South Africa’s moderate inflation outlook are
external and further interest rate easing will not be
“automatic.”
Continued…
