The South African rand rose today against the dollar at the beginning of the trading session. The currency struggles to keep its gains and currently fell below the opening rate.
The rand rose today as some analysts speculated that exporters used the strong dollar to buy the currency. Forex traders anticipate that private bondholders will accept the terms of the Greek debt swap, adding to positive sentiment on the FX market and helping higher-risk currencies. The rand may break the three-day string of losses, but it has a hard time keeping its gains.
USD/ZAR was at about 7.6530 as of 8:46 GMT today after it fell from 7.6500 to 7.6100.
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