South Africa’s rand clings on to gains ahead of crucial budget speech
JOHANNESBURG – South Africa’s rand inched firmer early on Monday, holding near a 7-week best, as investors looked beyond an uncertain local and global backdrop and kept buying the high-yielding currency.
By 08:50, the rand was 0.08% firmer at 14.6140 against the dollar, a touch off its rally to 14.5700 on Friday, which marked its strongest level since Sept. 14.
Economic fundamentals in Africa’s most industrialised market continue to paint an fragile picture, expected to be highlighted in Wednesday’s medium-term budget, in which the deficit is set widen sharply, owing mainly to bailouts to state firm Eskom.
Source: iol.co.za
