The rand was steady against the dollar on Friday morning‚ in thin trade before the New Year.
After Wednesday’s gains‚ the local currency closed 1.02% weaker against the dollar on Thursday.
Overall‚ the rand has gained 1.58% to the dollar this week and is up 9.57% since the beginning of the month.
Positive market sentiment and a weaker dollar‚ as well as illiquid trading conditions‚ boosted the rand’s gains this week‚ with the currency reaching its best level of R12.26/$ on Wednesday.
Positive sentiment about the outcome of the ANC’s elective conference‚ where Cyril Ramaphosa was elected as the party’s president‚ continues to linger.
Dow Jones Newswire said investors expected the European Central Bank (ECB) to begin unwinding its massive monetary stimulus programme next year‚ paving the way for an eventual rate increase in the eurozone.
Rising interest rates in the eurozone will make the euro more appealing‚ reducing the dollar’s attractiveness to yield-seeking investors.
On Friday morning‚ SA’s Constitutional Court will rule on whether it will direct Parliament to conduct an investigation into President Jacob Zuma’s conduct in the Nkandla judgment.
The application was brought by the opposition parties‚ who asked the court to hold the president accountable for his conduct that arose from‚ and is incidental to‚ the public protector’s 2014 report on Nkandla.
At 9am the rand was at R12.3983 to the dollar from Thursday’s close of R12.4056‚ at R14.8186 to the euro from R14.8160 and at R16.6956 to the pound from R16.6747.
The euro was at $1.1954 from $1.1942. - BusinessLIVE
Rand steadies ahead of New Year
After Wednesday’s gains‚ the local currency closed 1.02% weaker against the dollar on Thursday.
Overall‚ the rand has gained 1.58% to the dollar this week and is up 9.57% since the beginning of the month.
Positive market sentiment and a weaker dollar‚ as well as illiquid trading conditions‚ boosted the rand’s gains this week‚ with the currency reaching its best level of R12.26/$ on Wednesday.
Positive sentiment about the outcome of the ANC’s elective conference‚ where Cyril Ramaphosa was elected as the party’s president‚ continues to linger.
Dow Jones Newswire said investors expected the European Central Bank (ECB) to begin unwinding its massive monetary stimulus programme next year‚ paving the way for an eventual rate increase in the eurozone.
Rising interest rates in the eurozone will make the euro more appealing‚ reducing the dollar’s attractiveness to yield-seeking investors.
On Friday morning‚ SA’s Constitutional Court will rule on whether it will direct Parliament to conduct an investigation into President Jacob Zuma’s conduct in the Nkandla judgment.
The application was brought by the opposition parties‚ who asked the court to hold the president accountable for his conduct that arose from‚ and is incidental to‚ the public protector’s 2014 report on Nkandla.
At 9am the rand was at R12.3983 to the dollar from Thursday’s close of R12.4056‚ at R14.8186 to the euro from R14.8160 and at R16.6956 to the pound from R16.6747.
The euro was at $1.1954 from $1.1942. - BusinessLIVE
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