JOHANNESBURG – The rand retreated ahead of the all-important budget speech on February 24, in which Finance Minister Tito Mboweni will provide clarity on the government’s fiscal consolidation path against the backdrop of a worsened fiscus brought on by the Covid-19 pandemic according to NKC Research.
At the close of local trade, the rand quoted 0.63 percent weaker at R14.77/$, after trading in range of R14.63/$ – R14.93/$. The local unit strengthened overnight. The expected range of the rand against the dollar today is R14.50/$ – R14.80/$
Brent crude oil
The Brent oil price rose yesterday amid a slow resumption in US crude production after last week’s cold snap temporarily halted crude output.
At the close of local trade, benchmark Brent crude futures quoted 2.70 percent higher at $64.60pb. Crude prices traded firmer during Asian trade this morning.