Rand firmer as more gains are predicted amid rising budget optimism
The rand was slightly firmer at midday on Friday ahead of President Cyril Ramaphosa’s state of the nation address (sona) in the evening, amid rising optimism about next week’s budget.Ramaphosa’s election to head of state has spurred positive trade in the rand. The local currency has gained more than 3% against the dollar so far this week. Analysts said the rand was poised to break through R11.55 to the dollar, after which it may even target R11.At 11.30am, the rand was at R11.5899 to the dollar from R11.6163, at R14.5210 to the euro from R14.5277, and at R16.3483 to the pound from R16.3784. The euro is at $1.2530 from $1.2508.The rand is currently benefiting from a number of positive factors, including the broad-based dollar weakness, analysts at Nedbank Corporate and Investment Banking said. This has seen it trade from above R12 to the dollar at the beginning of the week, to the current levels in the mid R11.50s."The focus is now firmly on the state of the nation address from the n...
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