• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
See More

Rand recovers on calmer global markets

Mar 11 2016 10:21

Johannesburg - The rand regained some ground on Friday as calm returned to global markets following frenetic trade and increased risk aversion triggered by the European Central Bank's suggestion that there would be no further cuts.

Stocks opened higher, with the JSE's Top 40 index up 0.7%.

By 09:01 the rand had gained 0.6% to R15.2800/$, riding the wave of broad market correction and a weaker greenback after threatening to break through the R15.50 mark in overnight trade. It was trading at R15.25 to the dollar shortly after 10:00.

"The market does not like it up here and the assault on 15.00 will likely kick-off in earnest. Exporters are starting to tame their greed and importers are now more settled," said currency trader at Standard Bank Maemo Rametse.

The rand had raced to a two-and-a-half month low of R15.0250 after the ECB slashed interest rates and notched up its stimulus programme on Thursday, but turned sharply as risk sentiment swung when ECB president Mario Draghi's comments at a press conference suggested the bank had reached the end of its rate cut cycle.

With no local data due, traders said the rand would hold steady with direction coming from broader emerging market sentiment.

Government bonds were flat with the bench paper due in 2026 at 9.18% after rallying to a one-month low in the previous session.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

rand  |  markets  |  currencies


Company Snapshot

We're talking about:


Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote