WATCH: Rand strengthened to best rate against the US dollar
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.
Get the latest market update and top stories from our newsrooms across South Africa, Africa and the world.
The latest Forex news is on hand to help you.
Get the Rand to Dollar rate, Rand to Euro rate and the Rand to Pound rate now.
We also have up to date commodity statistics. The World market news is at your fingertips and the most recent financial news is here too.
Watch the market update below: