JOHANNESBURG - The rand stepped on to the back foot as traders awaited the PPI release while the external backdrop deteriorated somewhat as rising infections countered vaccine optimism-related risk appetite according to NKC Research.
On the local political front, the speaker of the lower house authorised a vote on a motion of no-confidence – brought by the African Transformation Movement (ATM), which has only two seats in the 400-member National Assembly – against President Cyril Ramaphosa next week. The main opposition, the Democratic Alliance, indicated that it did not support the motion.
At the close of local trade, the rand quoted 0.68 percent weaker at R15.22/$, after trading in range of R15.10/$ - R15.24/$. The rand traded steady overnight. The expected range of the rand against the dollar today is R15.00/$ - R15.40/$.
Brent crude oil
The Brent oil price drifted weaker amid thin trading yesterday as the market corrected following this week’s impressive rally. At the close of local trade, benchmark Brent crude futures quoted 0.50 percent lower at $48.11pb. Crude prices were unchanged during Asian trade this morning.
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