At 11:42 local time the rand was bid at R6.9783/$ from R6.9837/$ at the previous close. It was bid at R9.5867 to the euro from R9.5527 before and at R11.1936/£ from R11.1624/£ at its previous close.
The rand traded sideways in midday trade on Monday, tracking the euro.
While the local currency maintained its firm footing amid news of a bailout package for Ireland, markets are waiting for the 'ins and outs' of that package, due on Wednesday, a trader said.
At 11:42 local time the rand was bid at R6.9783/$ from R6.9837/$ at the previous close. It was bid at R9.5867/€ from R9.5527/€ before and at R11.1936/£ from R11.1624/£ at its previous close.
The euro was bid at $1.3740 from $1.3742.
"We continue to track the euro, which rallied on the news of an Irish bailout package. The reality is though that nobody really knows the ins and out of that bailout, with an announcement due on Wednesday," a local dealer said.
In its morning report, RMB said Ireland's agreement on the outlines of a bailout package with the EU/IMF over the weekend removed some major uncertainty over the euro.
"We'll probably have to wait until Wednesday for the full details but there is speculation that Euro 80-90 billion in loans will be provided over three years. As with Greece, this will buy them time to get their fiscal and banking problems in order.
"The resulting euro rally is constrained by fears that market attention will now switch to Portugal and then, who knows, Spain? The euro/US dollar rally is nevertheless creating some US dollar/rand downside room," the analysts said.
RMB noted that a busy local and international data calendar would make for a volatile Tuesday and Wednesday but the week would essentially be brought to an early close by the US Thanksgiving holiday on Thursday.
"Locally, we will receive both GDP and inflation data. Internationally, we will received GDP figures from the US (revised) and Germany, as well as various survey and real sector figures but the key attention will be on the minutes from the last Fed meeting to see how contentious the decision to embark on QE2 was.
"Overall, there is clear downside risk to US dollar/rand but the core view should be that we'll end the week in the 6.90s, still going nowhere and wondering if this is it for the year," RMB concluded.
Earlier, Dow Jones newswire reported that the euro extended its gains Monday in Asia, as upbeat regional share prices underpinned investors' risk appetite, which had already been stoked by Ireland's formal request for a rescue package.
