South African rand stabilises after steep fall

Date:

JOHANNESBURG – South Africa’s rand stabilised early on Friday, after falling steeply the previous session when the central bank slashed its growth forecast for this year.

Thank you for reading this post, don't forget to subscribe!

At 0650 GMT, the rand traded at 13.5500 versus the dollar, 0.07 percent weaker than its close on Thursday.

The rand fell more than 2 percent on Thursday, after the South African Reserve Bank lowered its 2018 growth forecast to 1.2 percent from 1.7 percent and left its main lending rate unchanged.

The downgrade mirrors pessimism among independent economists, who have warned that the South African economy remains fragile despite a spike in business confidence after Cyril Ramaphosa replaced scandal-plagued Jacob Zuma as president.

Ramaphosa is trying to rejuvenate the economy and woo investors after a decade of stagnation under Zuma.

Stocks were set to open higher at 0700 GMT, with the Johannesburg Stock Exchange’s Top-40 futures index up 0.19 percent.

Government bonds were slightly weaker, with the yield on the benchmark instrument due in 2026 up 2.5 basis points to 8.77 percent.

Share post:

Subscribe

Popular

More like this
Related

INEC disowns Anambra LP convention

28 Mar,2024 The Independent National Electoral Commission (INEC) has disowned...

NDPC investigating over 400 cases of privacy breaches Involving digital lenders

March 28, 2024. Azonuchechi Chukwu. The Nigeria Data Protection Commission (NDPC)...

LASG releases land use charge bill for 2024, offers 15% discount on early payments

March 28, 2024. Azonuchechi Chukwu. The Lagos State Ministry of Finance...

Stock Market Closes Positively, All Share Index rises by 0.32%

March 28, 2024. Azonuchechi Chukwu. Transactions on the floor of the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading