WATCH: Rand falls sharply after Sarb repo rate decision
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JOHANNESBURG – The rand fell against the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency looked stable throughout the day, hovering just above the R13.70 level. However, the rand/dollar depreciated sharply in late trade following the Sarb’s decision to keep interest rates unchanged at 6.75. At the close of local trade, the rand quoted 0.4 percent weaker at R13.78/$, after trading in the range of R13.68/$ – R13.83/$. However, the rand recovered losses again overnight amid USD softness. Expected range today R13.60/$ – R13.85/$.
South African bourse
The JSE All Share (-0.7 percent) ended lower yesterday dragged by heavy losses in large retail (-7.6 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.04 percent) traded marginally lower. In local news, Mr Price (-16.7 percent) and Woolworths (-10 percent) shares traded deep in the red due to slower growth in sales.
Brent crude oil
The Brent oil price traded lower yesterday after US crude output crept closer toward 12 million bpd, coupled with an ongoing Sino-US trade dispute. At the close of local trade, benchmark Brent crude futures quoted 1.1 percent lower at $60.41/pb. Crude prices traded higher during Asian trade this morning.
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Source: iol.co.za
