Articles by 'Fin24'

15 Oct 18

Rand Firm as Moody's Delays Ratings Move


The rand strengthened further on Monday after Moody's Investors Service held off on its ratings review of South Africa on Friday. By 10:04 the local unit was trading 0.41% firmer at R14.45 against the US dollar, despite the dollar firming somewhat on risk-off sentiment.

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10 Oct 18

Rand Rides Mboweni Wave - but Strong Dollar Remains a Threat


The rand opened trade on Wednesday morning on the front foot after gaining 40 cents to the dollar after Tito Mboweni was named finance minister on Tuesday afternoon. The local currency, which briefly fell below 15/$ in the early afternoon on Tuesday as uncertainty around the fate of Nhlanhal Nene lingered, ended up 1.8% stronger against the greenback, an indication of positive market reaction to the appointment of finance chief of the former SA Reserve Bank governor. RELATED ARTICLES Limited room to manoeuvre as Mboweni faces mammoth task to revive SA economy READ: Ramaphosa's statement on his appointment of Tito Mboweni as finance minister Business leaders hail Mboweni's appointment as 'among finest in recent memory' Rand holds gains as Tito Mboweni announced as finance minister The rand opened trade on Wednesday morning on the front foot after gaining 40 cents to the dollar after Tito Mboweni was named finance minister on Tuesday afternoon. The local currency, which briefly fell below 15/$ in the early afternoon on Tuesday as uncertainty around the fate of Nhlanhal Nene lingered, ended up 1.8% stronger against the greenback, an indication of positive market reaction to the appointment of finance chief of the former SA Reserve Bank governor.

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04 Oct 18

Rand Weakens in Early Trade as Strong Dollar Keeps Pressure On


The rand weakened by 0.5% against the dollar in early trade on Thursday, with analysts saying it will likely remain under pressure throughout the day. The local currency opened Thursday morning at 14.65/$ and was changing hands at 14.71/$ at 08:18. This after it lost 2% against the greenback on Wednesday due to a combination of a rise in US treasury yields and a strong dollar.

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27 Sep 18

Rand Keeps Gaining Despite US Fed Rate Hike


The rand touched R14/$ on Wednesday evening, trading 0.61% stronger at R14.03/$ by 6.00pm SA time. It had earlier in the day surprised analysts by firming during the day and maintaining its gains even after an interest rate hike by the US Federal Reserve Bank. Bianca Botes of Peregrine Treasury Solutions said in a morning note that market watchers had not expected the local currency's behaviour.

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25 Sep 18

Rand Steady Ahead of Fed Rates Announcement on Wednesday


The rand held steady over the long weekend, opening at R14.37 on Tuesday morning following the public holiday on Monday. The local currency was trading at R14.38 to the greenback by 11:23. The rand had weakened slightly during Friday’s session following the announcement by President Cyril Ramaphosa of a stimulus package meant to reignite economic growth.

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