10 Oct 2011The rand started the week on a firmer note on Monday, maintaining gains below the psychologically important R8.00 level in what may indicate the firmer bias will hold for now.
Sentiment has been lifted after German Chancellor Angela Merkel and French President Nicolas Sarkozy pledged at the weekend to do what is necessary to shore up banks and settle the Greek debt crisis.
The rand firmed more than 1.4% to the dollar, hitting a session high of R7.8827. By 06:50, it was trading at R7.905, compared with Friday's New York close of R8.00.
http://www.fin24.com/Markets/Currencies/Rand-higher-against-dollar-20111010
