The rand staged a strong recovery on Tuesday morning‚ taking its lead from Asia‚ where sentiment was broadly positive.
The British pound‚ which has borne the brunt of the Britain’s vote to leave the EU‚ also perked up‚ indicating that markets are stabilising.
“Today seems as though the rand could benefit as signs that Friday’s Brexit freak-out are gradually beginning to subside and buying opportunities for cheap emerging-market assets arise‚” TreasuryOne dealer John Moni said in a note.
As the risk appetite took hold‚ assets with safe-haven characteristics took a breather following a strong run. The dollar and gold were weaker in early trade.
At 9.18am‚ the rand was at R15.2139 to the dollar from R15.4440 at the previous close.
It was at R16.8240 against the euro from R17.0282 previously‚ and at R20.2122 against the pound from R20.4183 previously.
The euro was at $1.1023‚ unchanged from the previous close.
— TMG Digital/BDlive
Rand rebounds on improved risk sentiment
The rand staged a strong recovery on Tuesday morning‚ taking its lead from Asia‚ where sentiment was broadly positive.
The British pound‚ which has borne the brunt of the Britain’s vote to leave the EU‚ also perked up‚ indicating that markets are stabilising.
“Today seems as though the rand could benefit as signs that Friday’s Brexit freak-out are gradually beginning to subside and buying opportunities for cheap emerging-market assets arise‚” TreasuryOne dealer John Moni said in a note.
As the risk appetite took hold‚ assets with safe-haven characteristics took a breather following a strong run. The dollar and gold were weaker in early trade.
At 9.18am‚ the rand was at R15.2139 to the dollar from R15.4440 at the previous close.
It was at R16.8240 against the euro from R17.0282 previously‚ and at R20.2122 against the pound from R20.4183 previously.
The euro was at $1.1023‚ unchanged from the previous close.
— TMG Digital/BDlive
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Latest Videos