Rand trades steady overnight
JOHANNESBURG - Friday saw the rand cap off a difficult week in which the local unit experienced an inside day according to NKC Research.
After starting the week around R14.7/$, the rand was trending just above the R15/$ threshold during Thursday and Friday. Following the central bank’s decision to keep the policy rate unchanged at 3.5 percent on Thursday, South African Reserve Bank Governor Lesetja Kganyago stated on Friday that record low lending rates will not last forever.
More specifically, Governor Kganyago was quoted as stating that “at some stage the savings pool will say: No, this is favouring borrowers over us, the savers, and they will re-price you.”
At the close of local trade, the rand quoted 0.39 percent weaker at R15.00/$, after trading in range of R14.94/$ - R15.10/$. The rand traded steady overnight. The expected range of the rand against the dollar today is R14.90/$ - R15.25/$.
Brent crude oil
The Brent oil price rose on Friday amid concerns that the Suez blockage may last weeks, blocking supplies of crude and refined products. At the close of local trade, benchmark Brent crude futures quoted 2.60 percent higher at $64.30pb. Crude prices traded dipped during Asian trade.
BUSINESS REPORT ONLINE