Graphic: renjith krishnan

The rand steadied around the 8.12/US dollar mark in late trade on Monday‚ drifting away from the 8.06 level it touched a little earlier in the session.

There were not fresh catalysts to drive market sentiment‚ although the euro/US dollar picked up in late trade after Greek economic data proved better than expected and Italy's treasury bill sale passed smoothly‚ Dow Jones Newswires reported.

Data showed that Greek gross domestic product (GDP) contracted 6.2% in the second quarter compared with a year earlier‚ improving slightly on the 6.5% decline seen in the first three months of the year.

Markets will look to the US retail sales and eurozone second quarter gross domestic product on Tuesday‚ to provide more insight into the global growth outlook.

At 3.50pm local time the rand was trading at R8.1238 to the dollar from Friday’s close of R8.0763. It was trading at R10.0297 to the euro from its previous close of R9.9241 and at R12.7561 against sterling from R12.6563 before.

The euro was bid at US$1.2354 from $1.2286. - I-Net Bridge