The rand retreated on Friday as rising Covid-19 cases weighed on sentiment while the advance in US inflation was expected by markets, according to Oxford Economics Africa.
At the close of local trade, the rand quoted just below the R16/$, after trading in the range of R15.93/$ - R16.05/$. The rand traded flat overnight. The rand was little changed this morning after President Cyril Ramaphosa tested positive for Covid-19. The expected range of the rand against the dollar today is R15.90/$ - R16.10/$.
South African bourse
The JSE All Share (-0.72 percent) ended lower on Friday. All the sub-indices closed in the red, with financials (-1.55 percent) registering the largest losses. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.73 percent) traded softer.
Brent crude oil
The Brent oil price regained momentum on Friday. Concerns over the Omicron variant appears to be dissipating, and the expectation of a rebound in fuel demand is growing. At the close of local trade, the Brent oil price quoted 0.73 percent higher at $74.56/pb. Crude prices extended gains during Asian trade this morning, reaching above $76/pb.
BUSINESS REPORT ONLINE