JOHANNESBURG - The South African rand gained reprieve from thawing risk appetite as perceived US-Sino tensions dimmed, providing shelter for the local unit ahead of a pivotal supplementary budget address according to NKC Research.
Risk appetite improved after US President Donald Trump made a positive comment on Sino-US trade. Meanwhile, the local currency shrugged off a deterioration in the unemployment position over Q1, with the focus now attuned to today’s critical budget address. At the close of local trade, the rand quoted 0.85 percent firmer at R17.22/$, after trading in range of R17.19/$ - R17.47/$.
Source: News Formal (newsformal.com)
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