THE rand was steady at firmer levels against major currencies on Friday morning after the South African Reserve Bank raised interest rates by 25 basis points to 7%.
"The rand is back at levels were it was last week thanks to the Bank, the Federal Reserve and diminishing fear over the domestic political situation," said Rand Merchant Bank analysts.
"Having discussed the issue (of a recall of President Jacob Zuma) in depth, with various political analysts, this is highly unlikely to happen at this weekend’s national executive committee meeting," the analysts said.
At 8.41am, the rand was trading at R15.1802 to the dollar from R15.1684 at Thursday’s close. The rand was at R17.1588 against the euro from R17.1615 and at R21.9553 against the pound from R21.9592.
In other currency news, China on Friday set its currency 0.52% stronger against the US dollar, in the yuan’s steepest one-day fixing increase since November, reflecting the broad weakness in the dollar after the Federal Reserve moved to a more dovish tone, Dow Jones Newswires reported.
The yen hit its strongest level versus the US dollar since October 2014.
The euro declined slightly to $1.1304 from $1.1312. Against the yen, the common currency was at ¥126.00 from ¥126.07.
Picture: GALLO IMAGES/FOTO24/BRENDAN CROFT
THE rand was steady at firmer levels against major currencies on Friday morning after the South African Reserve Bank raised interest rates by 25 basis points to 7%.
"The rand is back at levels were it was last week thanks to the Bank, the Federal Reserve and diminishing fear over the domestic political situation," said Rand Merchant Bank analysts.
"Having discussed the issue (of a recall of President Jacob Zuma) in depth, with various political analysts, this is highly unlikely to happen at this weekend’s national executive committee meeting," the analysts said.
At 8.41am, the rand was trading at R15.1802 to the dollar from R15.1684 at Thursday’s close. The rand was at R17.1588 against the euro from R17.1615 and at R21.9553 against the pound from R21.9592.
In other currency news, China on Friday set its currency 0.52% stronger against the US dollar, in the yuan’s steepest one-day fixing increase since November, reflecting the broad weakness in the dollar after the Federal Reserve moved to a more dovish tone, Dow Jones Newswires reported.
The yen hit its strongest level versus the US dollar since October 2014.
The euro declined slightly to $1.1304 from $1.1312. Against the yen, the common currency was at ¥126.00 from ¥126.07.
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