Rand trades weaker overnight
JOHANNESBURG - The rand ended a remarkable run on Tuesday, surrendering some of the gains made in recent sessions according to NKC Research.
After trending above R15.5 against the dollar a month ago, the South African unit dropped below the R14.5 against the dollar threshold in recent sessions. The day’s news saw the South African Medical Association confirming that the Johnson & Johnson Covid-19 vaccine would arrive in the country yesterday and that the rollout programme will commence on Wednesday.
At the close of local trade, the rand quoted 1.00 percent weaker at R14.60/$, after trading in range of R14.39/$ - R14.63/$. the local unit traded weaker overnight. The expected range of the rand against the dollar today is R14.55/$ - R14.85/$.
Brent crude oil
The Brent oil price traded on the back foot but remained near a one-year peak as a cold front meant that wells and refineries in Texas to close.
At the close of local trade, benchmark Brent crude futures quoted 0.38 percent lower at $63.06pb. Crude prices whipsawed stronger during Asian trade this morning.