Rand retreats ahead of tomorrow’s budget speech
Business Report

Rand retreats ahead of tomorrow’s budget speech

Rand retreats ahead of tomorrow’s budget speech

By Dhivana Rajgopaul Time of article published 55m ago

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JOHANNESBURG – The rand retreated ahead of the all-important budget speech on February 24, in which Finance Minister Tito Mboweni will provide clarity on the government’s fiscal consolidation path against the backdrop of a worsened fiscus brought on by the Covid-19 pandemic according to NKC Research.

At the close of local trade, the rand quoted 0.63 percent weaker at R14.77/$, after trading in range of R14.63/$ – R14.93/$. The local unit strengthened overnight. The expected range of the rand against the dollar today is R14.50/$ – R14.80/$

Brent crude oil

The Brent oil price rose yesterday amid a slow resumption in US crude production after last week’s cold snap temporarily halted crude output.

At the close of local trade, benchmark Brent crude futures quoted 2.70 percent higher at $64.60pb. Crude prices traded firmer during Asian trade this morning.

BUSINESS REPORT

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