The rand was slightly weaker on Thursday morning as the country’s national election results started streaming in.
The ANC was in the lead on 54.71% of the vote at 7.30am with 21.15% of the national vote counted. The DA had secured 26.41%.
The rand is expected to experience volatility as votes continue to be counted.
The rand strengthened in overnight trading to 14.30755/$, recovering after slipping to R14.5232/$ this week following anxiety ahead of the elections and the US-China trade debacle.
“We expect some volatility in the rand as the election results become known, with an intraday range of R14.30/$ to R14.48/$,” corporate treasury manager at Peregrine Treasury Solutions Bianca Botes said.
Year-on-year mining production figures for March re expected to be released on Thursday, with analysts expecting a slight improvement of -6% compared to February’s year-on-year figure -7.5%, according to Trading Economics.
Year-on-year manufacturing figures are expected to be significantly lower.
Investec economist Kamilla Kaplan said production in both the sectors may have contracted due to a deceleration in global trade growth.
At 10.18am, the rand was down 0.3% to R14.4159/$, 0.23% to R16.1212/€ and 0.23% to R18.7388/£. The euro was flat at $1.1183.