JOHANNESBURG - The rand remained on the back foot during yesterday’s European trading session according to NKC Research.
The South African currency traded weaker following disappointing Chinese loan growth data which exacerbated fears that economic growth in China – the world’s second-largest economy and a top-buyer of South African commodities – is slowing. At the close of local trade, the rand quoted 0.3 percent weaker at R14.46/$, after trading in the range of R14.35/$ - R14.53/$. The rand remained on the back foot overnight. Expected range today R14.30/$ - R14.60/$.
South African bourse