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The rand steadied in early trade on Friday but was on track for weekly gains of more than 1.5%, as optimism about a US stimulus package kept high-yielding currencies in demand. Traders were focused on South Africa's medium-term budget due Wednesday, with a Reuters poll showing the fiscal deficit likely to widen further.
The rand traded at R16.24 per dollar.
Rand strength lowers the cost of imported feed ingredients for South African buyers, while expectations of a wider deficit point to currency risk ahead of the budget. The near-term price effect is small.
moneyweb.co.zaOlivia Kumwenda-Mtambo, ReutersOct 23, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
