JOHANNESBURG – Get the latest market update and top stories from our newsrooms across South Africa, Africa and the world.
The latest Forex news is on hand to help you including the rand to dollar rate.
The South African currency swung between gains and losses as global second-wave concerns, uncertainty pertaining to the United States elections and domestic economic woes countered carry allure according to NKC Research.
Power parastatal Eskom announced on Friday that it made a net loss of R20.5 billion ($1.3 billion) over the 2019/20 financial year (April – March), somewhat smaller than the loss of R20.9 billion recorded over the prior financial year.
Eskom, however, warned it expects to make a loss of R26.2 billion in the current financial year, citing the additional strain of Covid-19.
The bailout-dependent parastatal owes at least R484 billion, placing its debt burden equivalent to almost 10 percent of GDP.
At the close of local trade, the rand quoted 0.59 percent firmer at R16.30/$, after trading in the range of R16.19/$ - R16.45/$. The rand was little changed during Asian trade this morning. The expected range of the rand against the dollar today is R16.00/$ - R16.40/$.
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