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The South African currency traded on the back foot ahead of Wednesday’s US monetary policy announcement amid weakened EM sentiment and renewed weakness in the Argentinian peso after the South American country’s central bank chief resigned. Ratings agency Fitch also poured cold water on President Cyril Ramaphosa’s recently announced ‘stimulus’ plan. At the close of local trade, the rand quoted 0.1 percent weaker at R14.38/$, after trading in the range of R14.32/$ - R14.44/$. ZAR traded little changed overnight. Expected range today R14.20/$ - R14.50/$.

South African bourse

The JSE All Share (0.5 percent) ended lower yesterday dragged by losses in large industrial (-1.9 percent) and consumer goods shares (-1.3 percent). In the overall emerging market sphere, the MSCI Emerging Market Index (-0.05 percent) traded marginally lower. In local news, Naspers (-2 percent) was one of the day’s worst performers after its affiliate company Tencent traded lower.

Markets

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- BUSINESS REPORT ONLINE
JOHANNESBURG - The rand weakened slightly versus the US dollar during European trade yesterday according to NKC Research. 

The South African currency traded on the back foot ahead of Wednesday’s US monetary policy announcement amid weakened EM sentiment and renewed weakness in the Argentinian peso after the South American country’s central bank chief resigned. Ratings agency Fitch also poured cold water on President Cyril Ramaphosa’s recently announced ‘stimulus’ plan. At the close of local trade, the rand quoted 0.1 percent weaker at R14.38/$, after trading in the range of R14.32/$ - R14.44/$. ZAR traded little changed overnight. Expected range today R14.20/$ - R14.50/$.

South African bourse

The JSE All Share (0.5 percent) ended lower yesterday dragged by losses in large industrial (-1.9 percent) and consumer goods shares (-1.3 percent). In the overall emerging market sphere, the MSCI Emerging Market Index (-0.05 percent) traded marginally lower. In local news, Naspers (-2 percent) was one of the day’s worst performers after its affiliate company Tencent traded lower.

Markets

Get the latest market update and top stories from our newsrooms across South Africa, Africa and the world.

The latest Forex news is on hand to help you.

Get the Rand to Dollar rate, Rand to Euro rate and the Rand to Pound rate now.

We also have up to date commodity statistics. The World market news is at your fingertips and the most recent financial news is here too.

Watch the market update below:



Like Business Report on Facebook by clicking here or follow us on Twitter @Busrep.

You can also follow the Business Report on Instagram here

- BUSINESS REPORT ONLINE