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Rand trades on the front foot overnight

The rand strengthened on Friday, spending the latter part of the European trading session flirting with the R15.1/$ threshold, according to Oxford Economics Africa. Photographer: Nadine Hutton/Bloomberg

The rand strengthened on Friday, spending the latter part of the European trading session flirting with the R15.1/$ threshold, according to Oxford Economics Africa. Photographer: Nadine Hutton/Bloomberg

Published Nov 8, 2021

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The rand strengthened on Friday, spending the latter part of the European trading session flirting with the R15.1/$ threshold, according to Oxford Economics Africa.

The strong end to the week is in stark contrast to the knock-to sentiment that last week’s developments would have inflicted: local election results reflect a disillusioned public while coalitions will dominate governance, consumers were hit with a severe fuel price hike midweek, while the week ended with stage 4 load shedding.

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At the close of local trade, the rand quoted 0.59 percent stronger, at R15.14/$, after trading in range of R15.07/$ to R15.31/$. The rand traded on the front foot overnight. The expected range of the rand against the dollar today is R14.80/$ to R15.10/$.

South African bourse

The JSE All Share (-0.49 percent) ended lower on Friday, dragged down by technology (-3.24 percent) and resource (-1.74 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.35 percent) traded lower.

Brent crude oil

Opec+ producers remain deaf to the call from large economies, like the US, to accelerate output. The renewed supply concerns saw the Brent oil price trade higher on Friday. Demand for oil is nearing pre-pandemic levels and at close of local trade, the Brent oil price quoted 2.17 percent higher, at $82.78/pb. Crude prices traded above the $83 level during Asian trade this morning.

BUSINESS REPORT ONLINE

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