Rand trades weaker overnight

Business

Johannesburg – The rand ended a remarkable run on Tuesday, surrendering some of the gains made in recent sessions, said NKC Research.

After trending above R15.5 against the dollar a month ago, the rand dropped below the R14.5 against the dollar threshold in recent sessions. The day’s news saw the South African Medical Association confirm that the Johnson & Johnson Covid-19 vaccine would arrive in the country yesterday and that the rollout programme will commence on Wednesday.

At the close of local trade, the rand was 1.00% weaker at R14.60/$, after trading in range of R14.39/$- R14.63/$.

The Brent oil traded on the back foot but remained near a one-year peak as a cold front meant that wells and refineries in Texas close.

At the close of local trade, benchmark Brent Crude futures quoted 0.38% lower at $63.06pb. crude prices whipsawed stronger during Asian trade this morning.

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