Photo: IOL
Photo: IOL

WATCH: Rand struggles to gain traction

By Compiled by Dhivana Rajgopaul Time of article published Jun 15, 2020

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JOHANNESBURG - Get the latest market update and top stories from our newsrooms across South Africa, Africa and the world.

The South African currency struggled to regain on Friday following a sharp decline in the previous session according to NKC Research.  

The trade-weighted United States dollar was subdued, but a batch of weak domestic data releases weighed on sentiment. Turning to the outlook for the rest of the month, the domestic calendar is dominated by the June 24 budget presentation which is expected to provide more clarity on the financing outlook and prospects for SOE privatisation. At the close of local trade, the rand quoted 0.50 percent weaker at R17.14/$, after trading in a range of R16.94/$ - R17.30/$. The local unit traded on the back foot during the Asian trading session this morning. The expected range of the rand against the dollar today is R16.90/$ - R17.35/$.

South African bourse

The JSE All Share (+0.75 percent) regained on Friday after Thursday’s sell-off. Gains were scattered across the board. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.66 percent) traded in the red.

Brent crude oil

The Brent oil price whipsawed on Friday, following a volatile week. At the close of local trade, benchmark Brent crude futures quoted 3.29 percent firmer at $39.28pb. Crude prices traded weaker during Asian trade this morning.

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