The rand began the new week on a positive note, taking direction largely from buoyant global markets and a weaker dollar, which lifted commodity prices. The local currency breached the R13.30/$ handle for first time in about two weeks, marking a big recovery from lows of R13.70/$ last week. "The weaker greenback will favour a risk-on sentiment, which, when coupled with the low volatility environment we find ourselves in of late, could lead to some decent gains for the rand today," TreasuryOne currency dealer Phillip Pearce said. The price of international benchmark Brent crude followed the gains in the broader commodity markets amid the hope that major oil producers will extend oil production cuts to support low prices. Brent crude was up 2.58% to $52 a barrel, in a development that boosted the Russian rouble at least 1% to the dollar. Investors will also keep a watchful eye on the local politics. The United Democratic Movement’s (UDM’s) Constitutional Court application for a secret...
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