JOHANNESBURG - The rand traded softer yesterday as traders weighed a rebounding greenback and Brexit uncertainty, while awaiting directional guidance from Sarb and Moody’s later this week according to NKC Research.
Latin American currencies traded weaker across the board as a result of weaker emerging market sentiment. At the close of local trade, the rand quoted 0.5 percent weaker at R14.40/$, after trading in range of R14.29/$ - R14.45/$. The rand traded weaker overnight. Expected range today R14.30/$ - R14.55/$. Factors likely to have an impact on the local unit this week include a Sarb meeting on Thursday; we believe the central bank will keep interest rates on hold. In addition, South Africa’s credit risk should grab attention as Moody’s is set to announce its rating decision on Friday.
South African bourse