The rand oscillated as market watchers awaited the US Fed minutes of the June meeting, according to NKC Research.
The local news flow was dominated by political events surrounding Jacob Zuma. The former president surrendered himself to police less than one hour before midnight yesterday evening, following a night of high drama during which a unit of heavily armed police unit was on its way to arrest the former president at his home in Nkandla in KwaZulu-Natal.
The rand quoted 0.39 percent weaker at R14.37/$ at close of local trade, after trading in a range of R14.25/$ – R14.41/$. The rand traded little changed during Asian trading hours. The expected range of the rand against the dollar today is R14.20/$ – R14.50/$.
South African bourse
The JSE All Share (+1.45 percent) closed the day higher. Most of the major sub-indices ended on the front foot, except for large telecommunication ( –0.62 percent) stocks. The MSCI Emerging Market Index (–0.44 percent) traded in the red.
Brent crude oil
The volatile Opec+ talks resulted in Brent oil price trading lower yesterday as investors feared increased output. At the close of local trade, benchmark Brent crude futures quoted –1.67 percent lower at $73.4pb. Crude prices reversed some of its earlier losses during Asian trade this morning.