JOHANNESBURG - The South African rand traded on a more bullish tone during the European session, mainly benefitting from dollar weakness – but appeared vulnerable as it hovered near 11-month lows according to NKC Research.
Weak economic fundamentals are weighing on investors’ minds as Moody’s November credit review draws near. The rand rate is forecast to end the year at R14.65/$, on average about 9.4 percent weaker against the greenback than in 2018. At the close of local trade, the rand quoted 0.67% stronger at R15.32/$, after trading in range of R15.32/$ - R15.47/$. The rand traded firmer overnight. Developments elsewhere are likely to provide directional guidance as today’s inflation print is expected to show that consumer prices remain subdued in July. Expected range today R15.20/$ - R15.50/$.
South African bourse