Photo: File
Photo: File

Rand recoups earlier losses

Time of article published Oct 19, 2020

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Compiled by Dhivana Rajgopaul

JOHANNESBURG – The South African currency regained during Friday’s European session, after dipping on Thursday as traders mulled President Ramaphosa’s economic recovery plan according to NKC Research.

The finance minister is due to present the mid-term budget on October 28 – postponed by a week – amid concerns that political will to address large recurrent expenditure – related to the wage bill, in particular – and overhaul of state-owned enterprises will disappoint. Global risk sentiment improved partly on the back of vaccine hopes on Friday, aiding risk-sensitive emerging market currencies, although US fiscal relief disappointment dampened risk appetite.

At the close of local trade, the rand quoted 0.73 percent stronger at R16.52/$, after trading in range of R16.50/$ - R16.67/$. The rand traded steady during Asian trade this morning. Expected range today R16.45/$ - R16.65/$.

South African bourse

The JSE All Share (+0.37 percent) ended higher heading into the weekend led by gains in large consumer goods (+1.89 percent) and general retail (+1.29 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.32 percent) rose.

Brent crude oil

Fears over a resurgence in Covid-19 infections in some of the world’s biggest fuel-consuming regions kept the Brent oil price from advancing on Friday. At the close of local trade, benchmark Brent crude futures quoted 0.14 percent higher at $42.84pb. Crude prices were little changed during Asian trade this morning.

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