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File image: IOL

WATCH: Rand surrenders gains on dollar strength

By Compiled by Dhivana Rajgopaul Time of article published Oct 1, 2018

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JOHANNESBURG - The rand traded somewhat weaker versus the greenback during European trade on Friday according to NKC Research. 

The South African currency traded in a narrow range but surrendered some recent gains due to broad US dollar strength. On the data front, better-than-expected South African merchandise trade balance data for August offered the currency some support. At the close of local trade, the rand quoted 0.4 percent weaker at R14.14/$, after trading in the range of R14.08/$ - R14.26/$. The rand traded flat this morning. Expected range today R14.05/$ - R14.35/$.

South African bourse

The JSE All Share (-0.5 percent) ended lower on Friday dragged by losses in large general retail (-1.8 percent) and local property (-0.8%) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.3 percent) traded lower. In local news, Steinhoff (-4.2 percent) shares continued to tumble after large local asset managers agreed to join Dutch litigation against the crisis-hit retailer. Naspers (-0.9 percent) followed its affiliate company Tencent lower, which has become one of the Hang Seng's worst performing stocks.


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