The rand broke through the key technical level of R14.3950 yesterday, strengthening 1.62 percent on the day, to close at R14.16. Picture: Steve Buissinne/Pixabay
The rand broke through the key technical level of R14.3950 yesterday, strengthening 1.62 percent on the day, to close at R14.16. Picture: Steve Buissinne/Pixabay

Rand performs best against the dollar

By Dhivana Rajgopaul Time of article published Apr 16, 2021

Share this article:

JOHANNESBURG: The rand broke through the key technical level of R14.3950 yesterday, strengthening 1.62 percent on the day, to close at R14.16.

Andre Cilliers, the currency strategist at TreasuryONE, said the rand was the best-performing currency against the dollar compared to a basket of the 15 major global currencies.

The rand also gained strongly against both the euro and the pound. This morning saw the local currency trading slightly off yesterday's closing levels, at R14.19/$, R16.99/€, and R19.55/£.

“We did see some good importer demand for the first time in a while yesterday as they took advantage of the better levels,” said Cilliers.

Commodities

A great day for precious metals yesterday with gold, platinum, and palladium all closing strongly. This morning saw further gains with gold trading at $1.766, platinum at $1.204, and palladium at $2.746.

Brent crude oil

The Brent oil price traded in a narrow band – but with an upwards bias – near a one-month high, thanks to positive demand forecasts from the International Energy Agency and Opec. At the close of local trade, benchmark Brent crude futures quoted 0.27 percent higher at $66.80pb. Crude prices inched firmer during Asian trade this morning.

BUSINESS REPORT ONLINE

Share this article: