Rand softer as Nene prepares to testify
The rand was slightly softer against major global currencies on Wednesday morning, with local focus on the Zondo commission of inquiry.
The testimony of Finance Minister Nhlanhla Nene is expected to be closely watched, amid some reports he had secret meetings with the controversial Gupta family as the deputy finance minister.
The EFF has accused Nene of being “captured”, warning that he should either resign publicly on Wednesday or have his “darkest secrets” revealed.
This provided for some risk, said TreasuryOne senior currency dealer Andre Botha, although the rand could gain if nothing untoward emerged during proceedings.
Global focus is on trade war issues and Italian politics, with the euro recovering some of its losses from the previous two sessions on Wednesday morning.
This followed news reports that the Italian government had targeted a 2% budget deficit by 2021, something that could help defuse any confrontation with Brussels.
At 9.30am the rand was at R14.3565 to the dollar from R14.3576, at R16.6185 to the euro from R16.578 and at R18.667 to the pound from R18.6354. The euro was at $1.1576 from $1.1546.
The bid on the benchmark R186 10-year government note was at 9.09% from 9.12%.
Source: businesslive.co.za