The rand fell in tandem with softening demand for commodity prices, a partial reversal of strong performance on Monday, while local sentiment was dented by the resumption of rotational power-shedding, according to Oxford Economics Africa.
Struggling power parastatal Eskom executed stage 2 load shedding again and indicated that rolling blackout will persist in the week through Saturday.
At the close of local trade, the rand quoted 1.1 percent weaker, at R14.83/$, after trading in range of R14.66/$ to R14.85/$. The rand traded on the back foot overnight. The expected range of the rand against the dollar today is R14.70/$ to R15.00x/$.
South African bourse
The JSE All Share (+0.95 percent) ended higher yesterday. technology (+1.79 percent) and industrials (+1.47 percent) gained the most. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.09 percent) traded softer.
Brent crude oil
At close of local trade, the Brent oil price quoted 0.3 percent higher, at $86.12/pb, as demand for crude remains strong, especially in the US. The elevated price is supported by the global supply shortage. Meanwhile, crude prices traded lower during Asian trade this morning.
BUSINESS REPORT ONLINE