Rand firmer against the dollar

 

The rand was firmer against the dollar on Monday afternoon‚ as the market awaited the outcome of the ANC’s national executive committee (NEC) meeting in Pretoria.

The rand showed little movement from early morning trade‚ on a largely stable dollar.

Analysts said the rand could firm to levels last seen in early 2015‚ should the meeting result in the exit of President Jacob Zuma as head of state.

Over the course of last week‚ local markets traded on political headlines as markets lived in hope of Zuma’s resignation‚ or alternatively his recall by the governing party‚ analysts at Nedbank Corporate and Investment Banking said. “Neither of these scenarios have thus far transpired‚ which makes today’s special ANC NEC meeting important.”

At 3pm the rand was at R11.9625 to the dollar from R12.0311‚ at R14.6688 to the euro from R14.7358 and at R16.5526 to the pound from R16.6159.

The euro was at $1.2262 from $1.225.

The dollar was on the back foot‚ as the fiscal stimulus contained in the two-year budget signed by President Donald Trump on Friday would increase the budget deficit‚ Dow Jones Newswires reported.

by Maarten Mittner – BusinessLIVE

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