JOHANNESBURG - The rand strengthened to its best level against the US dollar in seven weeks during yesterday’s European trading session according to NKC Research.
The South African currency and government bonds traded stronger despite broad US dollar weakness and higher-than-expected producer inflation figures for July. The rand, along with certain EM currencies such as the Turkish lira and Korean won, has slowly started to recover some recent sharp losses, which were caused by EM risk aversion. At the close of local trade, the rand quoted 0.9 percent stronger at R14.06/$, after trading in the range of R14.01/$ - R14.23/$. The rand traded little changed overnight. Expected range today R13.95/$ - R14.25/$.
South African bourse
The JSE All Share (1 percent) ended lower yesterday dragged by losses in large mining (-2.3 percent) and consumer goods (-1.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.5 percent) traded higher. In local news, Netcare (-9.4 percent) shares fell after South Africa’s second-largest private hospital operator painted a gloomy trading environment for H2 of the 2018 financial year.
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