Rand softer as lira slides, JSE higher

THE RAND weakened 2 percent against the dollar yesterday, tracking its emerging market (EM) peers lower as the Turkish lira slid.

At 5pm, the rand bid at R14.7842 to the dollar, 16 cents softer than at the same time on Thursday. Earlier it touched a session low of R15.03.

Emerging market currencies were under fresh pressure yesterday, with Turkey’s lira fell 7 percent to the dollar despite central bank measures earlier in the week.

The rand had recovered some losses in early trade after being rattled overnight by news that the opposition Economic Freedom Fighters had introduced a bill to nationalise the central bank.

The rand’s weakness this week has also come after concerns over South Africa’s economic outlook.

On the bourse, the all share index rose 0.15 percent to 56 647.52 points, while the Top40 index was 0.19 percent higher at 50 601.89 points.

The market recovered in tandem with shares, which rose 1.08 percent to R3 180 after weakening earlier this week when Internet giant Tencent Holdings posted its first surprise profit decline in nearly 13 years. – Reuters

Naspers