Rand trades in stable pattern shortly ahead of the budget speech
The rand was in a stable range on Wednesday, struggling to build on its recent advances amid a lack of fresh catalysts.
Wednesday afternoon’s budget speech will hold the key to potentially jolting the local currency out of its recent trading ranges.
ETM Analytics market analyst Ricardo da Camara said investors and ratings agencies would be interested in growth-enhancing polices while keeping the debt levels in check.
Finance Minister Pravin Gordhan will deliver the budget against the backdrop of renewed speculation that he could lose his job in a Cabinet reshuffle
These concerns were fuelled by confirmation that former Eskom boss Brian Molefe was headed to Parliament as an MP, a move seen by some as precursor to a Cabinet post.
At 11.52am the rand was at R13.1048 to the dollar from Wednesday’s R13.1366. It was at R13.7783 to the euro from R13.8425 and R16.3098 to the pound from R16.3895.
The euro was $1.0514 from $1.0536.