Rand trades steady overnight

JOHANNESBURG - Risk-on mood sheltered the rand from souring sentiment towards the fragile economy according to NKC Research.

The blanket support from external sentiment shifts dismiss a brittle fiscal position and worsening debt burden – with the deficit expected to widen to 15.5 percent of GDP and public debt expected to rise to 73.6 percent of GDP by year-end.

At the close of local trade, the rand quoted 0.57 percent stronger at R16.83/$, after trading in range of R16.72/$ - R16.97/$. The rand traded steady overnight. Expected range today R16.65/$ - R16.95/$.The JSE All Share ended in the red yesterday dragged by losses in large gold mining stocks. In the overall emerging market sphere, the MSCI Emerging Market Index traded firmer.

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