Photo: File
Photo: File

Rand trades steady overnight

Time of article published Oct 23, 2020

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Compiled by Dhivana Rajgopaul

JOHANNESBURG - The South African currency started yesterday on a weaker footing, but cautious optimism continued to provide support later in the session ahead of next week’s pivotal medium-term budget policy statement (MTBPS) according to NKC Research.

Parastatals, including national carrier SAA and energy producer Eskom, will be among the key points that the finance minister will need to address at the MTBPS on October 28 in a hostile environment of political resistance against crucial labour & wage reform and privatisation. On US soil, the latest week’s jobless claims figures were a mix of hopeful and worrisome signs, as the US dollar index rose gradually yesterday.

At the close of local trade, the rand quoted 0.91 percent stronger at R16.20/$, after trading in range of R16.20/$ - R16.40/$. The rand was steady overnight as Asian stock markets traded mixed this morning. Expected range today R16.00/$ - R16.40/$.

South African bourse

The JSE All Share (-0.99 percent) ended lower yesterday, dragged mostly by losses in large gold mining (-7.19 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.12 percent) traded lower.

Brent crude oil

The Brent oil price bounced back yesterday following Wednesdays’ sharp sell off. At the close of local trade, benchmark Brent crude futures quoted 2.50 percent higher at $42.58pb. Crude prices traded steady during Asian trade this morning.

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