UNCERTAINTY over the moribund eurozone economy continued to put pressure on the rand in afternoon trade on Monday.

The local currency was weaker on depressed global cues, tracking the euro and awaiting developments from Europe.

"The rand has been on the back-foot since last week, maintaining a weaker bias. It is governed by international developments at the moment, being driven by what is coming out of Europe.

"We'll also be watching the Fed and Chinese gross domestic product later in the week," said Michael Keenan, economist at Absa Capital.

At 3.54pm the rand was bid at R8,2855 to the dollar from its previous close of R8,2363 and Thursday's close of R8,1347. It was bid at R10,1764 to the euro from its previous close of R10,1306 and at R12,8397 against sterling from R12,7729 before.

The euro was bid at $1,2291 from its previous close of $1,2278.

In European news on Monday, the eurozone debt crisis continued to weigh on the outlook for the UK economy as business confidence slumped in June, Dow Jones Newswires reports showed.

Adding to the dour UK economic picture, a series of business surveys released on Monday reflected a fall in the number of job placements by recruitment companies last month.

mungadzes@bdfm.co.za