The rand was off the previous day's two-week lows against the dollar
in early trade on Tuesday, helped by short-covering from oversold levels
but still vulnerable to a weak domestic growth outlook and Greece's
debt woes.
The rand barely moved on Reserve Bank data showing
that the private sector credit demand increased by 9.53% year-on-year in
May compared with 9.35% in April.
At 09:22, the rand was at R12.2450/$, barely changed from Monday's close at 12.2475.
The local unit fell 1% to 12.4100 on Monday, its weakest since June 17, as the threat of a debt default by Greece sapped market appetite for risky assets.
"The rand looks likely to stabilise as the panic over Greece recedes, although the ongoing swings in euro/dollar creates some risks," Rand Merchant Bank currency analyst John Cairns said.
On the local front, a wider-than-expected trade deficit could also add pressure on the local currency, traders said.
The South African Revenue Service was due to release the data at 14:00.
Government bonds edged up slightly after Monday's heavy losses, with the yield for the paper maturing in 2026 dipping half a basis point to 8.345%.
At 09:22, the rand was at R12.2450/$, barely changed from Monday's close at 12.2475.
The local unit fell 1% to 12.4100 on Monday, its weakest since June 17, as the threat of a debt default by Greece sapped market appetite for risky assets.
"The rand looks likely to stabilise as the panic over Greece recedes, although the ongoing swings in euro/dollar creates some risks," Rand Merchant Bank currency analyst John Cairns said.
On the local front, a wider-than-expected trade deficit could also add pressure on the local currency, traders said.
The South African Revenue Service was due to release the data at 14:00.
Government bonds edged up slightly after Monday's heavy losses, with the yield for the paper maturing in 2026 dipping half a basis point to 8.345%.
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