Rand up against the pound as Johnson looks to suspend parliament

The rand was firmer against the pound on Wednesday afternoon after UK Prime Minister Boris Johnson asked for a suspension of parliament until October 14, just more than two weeks before the Brexit deadline.

Johnson said in a statement on Wednesday that he had asked Queen Elizabeth to close the current parliamentary session in the second sitting week of September.

Johnson said members of parliament would still have enough time to debate the country’s exit from the EU. He also said the government would continue its preparations to leave the EU, with or without a deal.

“I believe it is vital that parliament is sitting both before and after the European Council and if, as I hope, a deal with the EU is forthcoming, parliament will then have the opportunity to pass the Withdrawal Agreement Bill required for ratification ahead of October 31,” he said. 

At 1.15pm, the rand had firmed 0.45% to R18.7264/£ while it had weakened 0.26% to R15.3412/$ and 0.26% to R17.0218/€. The euro was flat $1.1084.