Rand stronger ahead of mini budget

THE RAND firmed yesterday as concerns Finance Minister Pravin Gordhan would be forced to quit over fraud charges eased and market focus turned to his medium-term budget speech today.

At 5pm, the rand was bid at R13.8459 to the dollar, 5.69c stronger than at the same time on Monday.

Gordhan will unveil a midterm budget meant to boost the sickly economy.

“All eyes on the embattled finance minister this week who faces a tough task balancing out a measured MTBPS (Medium Term Budget Policy Statement), with weak economic fundamentals all around this won’t be easy,” Standard Bank trader, Oliver Alwar, said yesterday.

In fixed income, the yield for the benchmark government bond due in 2026 fell.