File image: IOL
File image: IOL

WATCH: Rand trades weaker due to resurgent dollar

By Dhivana Rajgopaul Time of article published Nov 12, 2018

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JOHANNESBURG – The rand ended the week on the back foot against the US dollar. The South African currency traded weaker during Friday’s European trading session due to a resurgent US dollar and weaker emerging market sentiment. The rand was one of the worst-performing emerging market currencies. At the close of local trade, the rand quoted 0.8 percent weaker at R14.27/$, after trading in the range of R14.11/$ - R14.35/$. The rand traded slightly weaker this morning. Expected range today R14.15/$ - R14.45/$.

South African bourse

The JSE All Share (-1.4 percent) ended lower yesterday dragged by losses in large consumer goods (-4 percent) and mining (-2.2 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index traded higher/lower. In local news, Gold Fields (-2.6 percent) came under pressure after the company announced that its Q3 production declined by 3 percent, because of lower output at its last remaining South African asset, South Deep mine.

Brent crude oil 

The Brent oil price slumped further on Friday, due to concerns over the impact of lower economic growth and trade disputes on global fuel demand. Meanwhile, US sanction against Iran left a smaller-than-expected impression on markets due to exemptions from Washington. At the close of local trade, the Brent oil price quoted 1.2 percent lower at $69.85/pb. Crude prices jumped higher during Asian trade this morning on news that Saudi Arabia could cut production.

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