File image: IOL
File image: IOL

WATCH: Rand gains despite broad US dollar strength

By Compiled by Dhivana Rajgopaul Time of article published Oct 30, 2018

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JOHANNESBURG - The rand traded slightly stronger versus the greenback during yesterday’s European trading session according to NKC Research. 

Emerging market currencies had a mixed performance on Monday, but the South African currency managed to eke out some gains despite broad US dollar strength. The rand received some encouragement from positive headlines about President Ramaphosa’s Investment Summit, which concluded over the weekend, as well as improved risk sentiment as global stock markets recovered somewhat. At the close of local trade, the rand quoted 0.5 percent stronger at R14.51/$, after trading in the range of R14.42/$ - R14.61/$. The rand traded weaker overnight. Expected range today R14.50/$ - R14.80/$.

South African bourse

The JSE All Share (+1 percent) ended higher yesterday, led by gains in large retail (+4.2 percent) and mining (+2 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.5 percent) traded lower. In local news, Nedbank (+4.1 percent) shares ended higher the local lender released a statement detailing plans to sack KPMG and appoint Ernst & Young as its auditor

Brent crude oil

The Brent oil price traded lower yesterday, markets remained skittish amid a subdued global economic outlook and expectations of a slowdown in global trade. At the close of local trade, the Brent oil price quoted 0.3 percent lower at $77.03/pb. Crude prices traded little changed during Asian trade this morning.

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