Rand closes in on R15 against the dollar

The South African currency traded on the front foot, lifted by an improved market mood as US President Trump accepted the commencement of the transition towards a Biden administration according to NKC Research.

The green light for a transition was given despite Trump’s plans to continue with legal challenges. On local soil, government announced that it will pay R500m ($33m) toward the Covid-19 vaccine distribution scheme co-led by the WHO, having reportedly submitted a non-bonding confirmation of its intent to participate.

Reuters indicated that the scheme that the finance ministry was referring to is the COVAX vaccine distribution scheme, which is the main WHO-led partnership scheme “for ensuring global vaccine access.”

At the close of local trade, the rand quoted 0.39 percent stronger at R15.36/$, after trading in range of R15.31/$ – R15.45/$. The rand traded flat overnight. Expected range today R15.00/$ – R15.40/$.

South African bourse