Africa-Press – South-Africa. The rand was pulled along the seesaw trend as the trade-weighted US dollar crept higher on Tuesday, supported by a partial unwinding of the sharp curve flattening according to NKC Research.
Ahead of Federal Reserve chairperson Jerome Powell’s testimony before Congress, the greenback clawed back some losses in anticipation that the address will focus on an improving labour market and higher-trending inflation, leaving risk-sensitive currencies in its wake.
At the close of local trade, the rand quoted 0.59 percent weaker at R14.35/$, after trading in range of R14.15/$ – R14.39/$. The local unit traded steady overnight. The expected range t of the rand against the dollar today is R14.10/$ – R14.40/$.
Brent crude oil
Yesterday, the Brent oil price rose to $75pb for the first the first time since April 2019 but surrendered some of its gains soon after. At the close of local trade, benchmark Brent crude futures quoted 0.70 percent lower at $74.66pb. Crude prices traded firmer during Asian trade this morning.
BUSINESS REPORT ONLINE
