BUSINESS NEWS - South Africa’s rand extended its comeback on Thursday, ignoring turbulence in Parliament to trade below the psychological 14.00 mark as a sharp slide in the greenback encouraged some short buying before focus shifts to Friday’s US jobs data.
Stocks fell led by rand hedge shares that weakened on the back of a strengthening currency.
At 1500 the rand was 0.5% firmer at 13.9900 per dollar compared to close of 14.0600 overnight in New York.
The rand touched a session best of 13.9075, driven initially by a dollar slide on reports US President Donald Trump would nominate a dovish candidate to head the Federal Reserve.
With no data releases on the local front, the currency’s gains further supported indication the overhaul of US tax code would falter due to lack of detail.
Rand firms on investors' dollar doubts
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The rand touched a session best of 13.9075.
Posted on: 08:29 Fri, 03 November 2017
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