The rand paused a rally at the beginning Friday as investors took profits and awaited specifics of a financial stimulus plan by President Cyril Ramaphosa.
At 0630 GMT the rand was 0.2% weaker at 14.31 per dollar, dipping back after powering for your best since August 29 when the central bank left lending rates unchanged and emerging market demand was sparked by easing trade war fears.
Despite holding lending rates at 6.5% for your fourth meeting repeatedly the Reserve Bank struck a hawkish tone, saying rand weakness amid a growing market selloff posed a danger to inflation.
The greenback slipped to close 2-1/2 month lows amid a switch in investors’ view the fact that Sino-US trade conflict will not bring about an instantaneous global shock, driving gains by emerging currencies overall.
Attention shifts to Ramaphosa’s address due at 0800 GMT where they’re set to detail the government’s decide to revive the economy after it slipped into recession during the second quarter.
Stocks are due open higher at 0700 GMT, while using JSE securities exchange’s Top 40 Futures index up 0.62%.