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.
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