Rand falls from an eight-month high against the dollar, Newsline

JOHANNESBURG – The South African currency fell from an eight-month high against the greenback yesterday as local factors moved to the fore according to NKC Research.

News of an arrest warrant issued for ANC top official Ace Magashule pushed the rand weaker in afternoon trading. On the domestic data front, the latest statistics showed that total manufacturing production was down 14.4% during the first three quarters of 2020 compared with the same period a year earlier, indicative of the difficult year the sector has had.

At the close of local trade, the rand quoted 1.54 percent weaker at R15.64/$, after trading in range of R15.37/$ – R15.71/$. The local unit traded firmer overnight but steadied ahead of the South African open. Expected range today R15.40/$ – R15.70/$.

South African bourse

The JSE All Share (+0.63 percent) ended in the black yesterday, building on Monday’s gains after vaccine news sparked a global rally. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.30 percent) traded higher.

Brent crude oil

The Brent oil price remained on the front foot yesterday fuelled by hopes that a Covid-19 vaccine could soon be on the horizon. At the close of local trade, benchmark Brent crude futures quoted 0.89 percent higher at $42.84pb. Crude prices traded steady during Asian trade this morning.

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