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The rand steadied at R17.26 per dollar on Monday as rising global COVID-19 cases and renewed US state restrictions kept risk-off sentiment in place. Analysts pointed to safe-haven flows amid talk of a US double-dip recession.
South Africa's first-quarter GDP data was due the next day.
A weak rand raises the local-currency cost of imported feed ingredients for South African buyers, while a steady rand keeps import costs stable. The move is driven by global risk sentiment rather than grain fundamentals.
moneyweb.co.zaOlivia Kumwenda-Mtambo, Promit Mukherjee, ReutersJun 29, 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.
