SA rand rebounds as global selloff slows
JOHANNESBURG – South Africa’s rand firmed on Tuesday, recovering most of its losses as emerging markets broadly recovered from heavy selling in the previous session triggered by a dive in oil prices and fears about the economic impact of the coronavirus.
Stocks rose in line with a rebound in global markets, while FirstRand shares rose after half-year profits.
At 5pm (local time) the rand was 0.21% firmer at 16.0760, having tumbled to just short of 17.00, a four-year trough, on Monday as panic selling in Asia spread to the south and western hemispheres.
Source: iol.co.za
