JOHANNESBURG - The South African currency began Friday’s trading session on a firmer footing in tandem with improving global risk sentiment, buoyed by hopes of China stimulus according to NKC Research.
Optimism sprouted from an announcement by China’s state planner that it will roll out a plan to lift disposable income in the period through 2020, after data last week signalled warning signs that US-Sino trade tensions are spurring consumer caution. However, a bullish dollar on the one hand and idiosyncratic vulnerabilities on the other, saw these early movements come undone as the rand sank lower. At the close of local trade, the rand quoted 0.25 percent weaker at R15.24/$, after trading in range of R15.16/$ - R15.30/$. The rand traded marginally stronger this morning. Expected range today R15.10/$ - R15.40/$.
South African bourse