JOHANNESBURG (Reuters) - South Africa's rand opened softer against the dollar on Tuesday and could remain under pressure because of fears of political uncertainty and sovereign debt risk in Europe.
The rand was trading at 7.843 to the dollar at 0611 GMT, 0.08 percent weaker than Monday's close of 7.84.
"The Eurozone is on the radar once again, remaining the focal point in markets globally where concerns over France and the Netherlands soured the mood on the local market," said Rand Merchant Bank in a client note.
The Dutch Prime Minister Mark Rutte tendered his resignation on Monday in a crisis over budget cuts, while French President Nicolas Sarkozy failed to win the first round election race in France.
Locally, the Treasury has a planned auction of 1.1 billion rand of 2017 bond, 500 million rand of 2036 and 500 million rand of 2041 bonds at 0900 GMT. Investors will also watch the Italy and Spain debt auctions.
Government bond yields added just two basis points, with the 2015 bond at 6.51 percent and that on the longer dated 2026 note at 8.165 percent.
On the bourse, the JSE's blue-chip Top-40 June futures contract was up 0.46 percent before the 0700 GMT start of trade, pointing to a positive start.
