JOHANNESBURG - The rand recovered against the US dollar during European trade yesterday according to NKC Research.
The South African currency surged stronger, halfway through the annual budget address, after Minister of Finance Tito Mboweni hardly delivered any market-shaking bombshells during his first budget speech. A quiet greenback took the pressure off emerging market currencies, with the yuan jumping to a near three-week high against the dollar. At close of local trade, the rand quoted 0.2 percent weaker at R14.06/$, after trading in range of R13.98/$ - R14.37/$. The rand remained steady overnight following a volatile session. Expected range today R13.85/$ - R14.25/$.
South African bourse