JOHANNESBURG - The rand traded on the back foot yesterday after South African Q1 GDP data came in much worse than the market expected, and news that the ruling ANC party wants to expand the Sarb’s mandate to target increased employment according to NKC Research.
At the close of local trade, the rand quoted 1.8 percent weaker at R14.70/$, after trading in range of R14.41/$ - R14.77/$. The rand traded slightly stronger overnight due to USD softness. Expected range today R14.50/$ - R14.75/$.
South African bourse