The rand started the week on a cautious note as markets braced for a busy data calendar and the BRICS summit, both of which could influence its stability.
The rand began the week on a cautious note as markets anticipated a busy data calendar and the BRICS summit, events that could impact its stability. The currency opened at R17.57 against the US dollar, experiencingearly on, with the USD/ZAR pair trading narrowly between R17.54 and R17.58. Tuesday brought some strength for the rand, which peaked at R17.49 to the dollar before closing at R17.51 to the dollar as the market awaited Wednesday’s inflation report.
The rand found stability on Thursday and Friday, managing to recover some of its losses to close at R17.62 to the dollar by the end of the week, reflecting a more resilient position despite the political and economic challenges.Ex-Mamelodi Sundowns and Kaizer Chiefs striker Kenny Niemach is expecting a tough encounter when the sides meet in the Carling Knockout Cup.
Orlando Pirates loaned the player in question to Richards Bay FC in an attempt to move him away from the toxic environment.
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