JOHANNESBURG - The rand looked overseas for guidance as the dollar the dollar dipped following the release of the latest US payrolls data according to NKC Research.
After taking receipt of the first million doses of the AstraZeneca vaccine from the SII last week, South Africa expects another 500,000 doses from the SII in coming weeks as well as 20 million vaccine doses from Pfizer, 12 million doses under the COVAX facility and nine million doses from Johnson & Johnson.
The government is scrambling to figure out its “next steps” after new evidence showed that AstraZeneca’s vaccine provides minimal protection against 501Y.V2 variant.
At the close of local trade, the rand quoted 0.62 percent stronger at R14.90/$, after trading in range of R14.89/$ - R15.05/$. The expected range of the rand against the dollar today is R14.70/$ - R15.00/$
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South African bourse
The JSE All Share (+1.23 percent) rose heading into the weekend as the rand’s rally lifted financial stocks (2.99 percent). In the overall emerging market sphere, the MSCI Emerging Market Index (+0.06 percent) inched higher.
Brent crude oil
The Brent oil price reached its highest level in a year on Friday, buoyed by hopes of an economic recovery and Opec+ supply curbs. At the close of local trade, benchmark Brent crude futures quoted 1.41 percent higher at $59.86pb. Crude prices traded stronger during Asian trade this morning.
By Dhivana Rajgopaul
https://www.iol.co.za/business-report/economy/rand-strengthens-beyond-key-level-6b4dbec0-8068-4f27-aa37-82cef71a0848
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