Rand extends relief rally on weaker dollar
The local currency was also buoyed by improved global risk appetite
The rand was a lot stronger on Friday afternoon, further helping to ease worries about SA's inflation outlook. The relative rand strength came amid much lower oil prices, which contributed to another drop in petrol prices. The retail price of 93 octane petrol in Gauteng will drop by R1.22 a litre on Wednesday, taking the price to R13.79 a litre, the department of energy said in a statement. The retail price of 95 octane petrol in Gauteng is also dropping by R1.22 a litre, taking it to R14.01 a litre. The rand took its cue from a much weaker dollar, as well as an improvement in global risk appetite. Share markets, in particular, were a significantly stronger amid early indications that the recent big sell-off, which thrust many of them into correction territory, may have run its course. The rand tends to do well in a global risk-on environment because it is one of the most highly traded emerging-market currencies. Local bonds were also positive, with the yield on the benchmark R186 d...
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