Africa-Press – South-Africa. The rand slumped as the deteriorating domestic outlook was amplified by virus-related flight to dollar safety, according to NKC Research.
The dollar benefited from safe haven appeal, advancing to a one-week high amid global concerns surrounding the highly infectious delta variant of the coronavirus.
On Tuesday, the Automobile Association (AA) indicated that motorists should strap in for higher pump prices as the modest rand gain over the month will be inadequate to off the increase in global petroleum prices. The AA projection sees petrol prices climbing by 23//litre and diesel prices by 38c/litre.
Looking at the global economic calendar, markets will be looking towards the US payroll releases later this week to gauge policy direction.
At the close of local trade, the rand quoted 0.40 percent weaker at R14.32/$, after trading in the range of R14.22/$ – R14.37/$. The rand traded in a narrow band overnight. The expected range of the rand against the dollar today is R14.20/$ – R14.40/$.
Brent crude oil
The Brent oil price traded firmer on Tuesday despite new outbreaks of the highly contagious Delta variant of the coronavirus. At the close of local trade, benchmark Brent crude futures quoted 0.75 percent higher at $75.05pb. Crude prices traded little changed during Asian trade this morning.
BUSINESS REPORT ONLINE
