Rand largely stable as market adopts wait-and-see approach ahead of Mboweni’s Budget

DURBAN – The rand remained relatively stable just one hour ahead of Finance Minister Tito Mboweni’s much-awaited Emergency Budget Speech set for 3pm.

At 2:55pm the rand was R17.31 against the dollar, R21.60 against the pound and R19.51 against the euro. 

Thus far, the domestic currency ranged between R17.18 and R17.35. 

The University of KwaZulu-Natal’s School of Accounting, Economics and Finance economist Dr Ntokozo Nzimande said the moment everyone has been waiting for had finally come.

“It appears that the financial markets are using what is referred to as the wait-and-see approach. If this is the case, the reaction of the markets will only be realised after the budget has been delivered,”