https://www.engineeringnews.co.za

Rand recovers from three-week low, remains vulnerable

31st July 2020

By: Reuters

  

Font size: - +

South Africa's rand halted its slide against the dollar early on Friday, as worries a recovery in the US economy would be hampered by the country's struggle to stem the coronavirus epidemic weakened the US currency.

At 07:05 GMT, the rand traded at 16.7425 a dollar, near is close of 16.7500 on Thursday, when it plunged more than 2%.

"As the world continues to grapple with the effects of the coronavirus pandemic, the US economy is showing its largest contraction on record," analysts at Nedbank wrote in a note.

"The rand has recovered from the highs posted yesterday, although it appears to remain vulnerable. Markets are likely to be cautious going into the weekend, and liquidity is likely to be tested."

South Africa's climbing coronavirus cases, at over 482 000, have also hurt market sentiment.

In fixed income, the yield on the benchmark government bond due in 2030 was down one basis point to 9.285%.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ALBIS FLANGES (Pty) Ltd
ALBIS FLANGES (Pty) Ltd

ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...

VISIT SHOWROOM 
Sulzer Pumps (SA) (Pty) Ltd
Sulzer Pumps (SA) (Pty) Ltd

Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.061 1.133s - 141pq - 2rq
Subscribe Now