Photo: File
Photo: File

Rand gains slightly ahead of MTBPS

Time of article published Oct 28, 2020

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Compiled by Dhivana Rajgopaul

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The South African currency rose somewhat as external tailwinds countered concerns surrounding the domestic fiscal position ahead of a pivotal policy address today according to NKC Research.

The trade-weighted dollar fell against the likes of sterling and the euro, including commodity-linked currencies. At the close of local trade, the rand quoted 0.17 percent stronger at R16.14/$, after trading in range of R16.09/$ - R16.25/$. The rand traded weaker overnight and conditions could get choppy later in the session. The expected range of the rand against the dollar today is R16.10/$ - R16.40/$.

South African bourse

The JSE All Share (-1.48 percent) ended lower yesterday dragged by losses in large resources (-3.24 percent) and gold (-2.38 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.30 percent) traded higher.

Brent crude oil

The Brent oil price traded firmer yesterday as some companies that drill in the Gulf of Mexico were forced to shut down operations due to an approaching storm. At the close of local trade, benchmark Brent crude futures quoted 0.12 percent firmer at $40.82pb. Crude prices traded on the back foot during Asian trade this morning.

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