Rand firmer amid improved sentiment ahead of local medium-term budget
The rand was slightly firmer against the dollar at midday on Monday, amid quiet trade ahead of the medium-term budget policy statement on Wednesday. Finance Minister Pravin Gordhan will present the budget policy statement in Parliament on Wednesday. The rand was 17c stronger against the greenback at midday, despite a firmer dollar, as some positive sentiment prevailed in the forex market after news over the weekend that fraud charges against Gordhan and other South African Revenue officials might be withdrawn. The dollar was firmer on increased expectations of a US interest-rate increase in December. At 11.38am, the rand was at R13.8555 to the dollar from Friday’s R14.0278. It was at R15.0860 to the euro from R15.2112 and R16.9610 to the pound from R17.0970. The euro was at $1.0889, from $1.0889 previously. TreasuryOne currency dealer Andre Botha said it seemed that the rand was caught between a rock and a hard place with the current tug of war between politics and economics. "On th...
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