Photo: Reuters
Photo: Reuters

WATCH: Rand trades slightly firmer this morning

By Compiled by Dhivana Rajgopaul Time of article published Mar 24, 2020

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JOHANNESBURG - The South African currency garnered support as new measures announced by the Fed stoked some life into risk currencies, although the looming downgrade and jump in confirmed coronavirus cases clipped the local unit’s wings according to NKC Research. 

The rand is gearing up for arguably the toughest week of the year as Moody’s rating decision is due Friday, with South Africa set to lose its final investment grade rating. The local unit may furthermore fall prey to receding global liquidity; despite aggressive moves by the Fed and other central banks, markets continue to trade in a disorderly manner. At the close of local trade, the rand quoted 0.03 percent stronger at R17.70/$ – and traded slightly firmer this morning. Expected range today R17.50/$ - R18.00/$.

South African bourse

The JSE All Share (-4.98 percent) ended lower yesterday, in step with global stock markets. Losses were widespread, but financials (-11.02 percent) were among the day’s biggest laggards. In the overall emerging market sphere, the MSCI Emerging Market Index (-5.61 percent) traded lower.

Brent crude oil

The Brent oil price traded on the back foot during yesterday’s European trading session but gained momentum when New York trading begun underpinned by stimulus hopes. At the close of local trade, benchmark Brent crude futures quoted 2.01 percent lower at $25.80pb. Crude prices traded firmer during Asian trade this morning. 

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