File image: IOL
File image: IOL

WATCH: Rand trades modestly former after slumping earlier this week

By Compiled by Dhivana Rajgopaul Time of article published Apr 17, 2020

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JOHANNESBURG - The South African currency traded modestly firmer during the European session after slumping earlier this week in response to an emergency rate cut according to NKC Research. 

A weaker greenback did offer some reprieve initially, but rand gains were reversed after the trade weighted US dollar advanced against most major currencies at the start of New-York trading. At the close of local trade, the rand quoted 0.21 percent stronger at R18.64/$, after trading in a range of R18.50/$ - R18.72/$. After the rand fell to almost R19/$ last night, the local unit has since clawed back losses. The expected range of the rand against the dollar today is R18.50/$ - R19.00/$.

South African bourse

The JSE All Share (-0.12 percent) ended marginally lower yesterday, as losses in large platinum mining (-5.19 percent) and financial (-2.90 percent) shares offset increases in tech (+3.93 percent) and industrial (+1.43 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.37 percent) traded softer.

Brent crude oil

The Brent oil price surrendered early gains yesterday, remaining multi-year lows. Traders are hopeful that a build-up in US crude stockpiles may lead to further output cuts. At the close of local trade, benchmark Brent crude futures quoted 1.25 percent weaker at $27.64pb. Brent crude oil prices traded steady during Asian trade this morning.

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