Rand reverses gains, tracks weaker euro

Johannesburg - The rand weakened against the dollar in line with the euro on Thursday, relinquishing earlier gains which had been triggered by the government's plan to narrow the budget deficit.

At 15:23 GMT the local unit was trading down 0.75% at 11.5325/$, compared with Wednesday's close of 11.4460/$.

"We had a lovely start to the day - the markets perceived the budget as friendly; there was a general risk-on type of thing and it was going hunky dory until the euro got in the way," Rand Merchant Bank trader Jim Bryson said.