ANL 34.32 Decreased By ▼ -0.20 (-0.58%)
ASC 14.85 Decreased By ▼ -0.31 (-2.04%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 90.24 Decreased By ▼ -4.76 (-5.01%)
BOP 7.79 Decreased By ▼ -0.08 (-1.02%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 124.20 Decreased By ▼ -2.40 (-1.9%)
EPCL 56.30 Decreased By ▼ -0.86 (-1.5%)
FCCL 24.31 Decreased By ▼ -0.19 (-0.78%)
FFBL 27.60 Decreased By ▼ -0.36 (-1.29%)
FFL 16.05 Increased By ▲ 0.01 (0.06%)
HASCOL 9.74 Decreased By ▼ -0.28 (-2.79%)
HUBC 80.00 No Change ▼ 0.00 (0%)
HUMNL 6.44 Decreased By ▼ -0.01 (-0.16%)
JSCL 20.50 Increased By ▲ 0.09 (0.44%)
KAPCO 40.21 Decreased By ▼ -0.73 (-1.78%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.25 Decreased By ▼ -0.99 (-5.74%)
MLCF 46.60 Decreased By ▼ -0.31 (-0.66%)
PAEL 35.10 Decreased By ▼ -1.07 (-2.96%)
PIBTL 10.33 Decreased By ▼ -0.16 (-1.53%)
POWER 9.25 Decreased By ▼ -0.10 (-1.07%)
PPL 85.50 Decreased By ▼ -0.24 (-0.28%)
PRL 25.01 Decreased By ▼ -0.70 (-2.72%)
PTC 9.55 Increased By ▲ 0.10 (1.06%)
SILK 1.24 Increased By ▲ 0.07 (5.98%)
SNGP 38.82 Decreased By ▼ -0.54 (-1.37%)
TRG 167.40 Increased By ▲ 7.79 (4.88%)
UNITY 30.65 Decreased By ▼ -0.10 (-0.33%)
WTL 1.53 Increased By ▲ 0.10 (6.99%)
BR100 4,820 Decreased By ▼ -31.91 (-0.66%)
BR30 25,669 Decreased By ▼ -2.82 (-0.01%)
KSE100 44,978 Decreased By ▼ -208.43 (-0.46%)
KSE30 18,443 Decreased By ▼ -42.02 (-0.23%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,619
11824hr
Pakistan Cases
729,920
431824hr
Sindh
269,474
Punjab
252,974
Balochistan
20,397
Islamabad
66,983
KPK
100,275
Markets

South Africa's rand weaker as national lockdown approaches

The rand was 0.4pc weaker at 17.4050 per dollar, snapping a two-session rally that had driven the unit to 17.1900,
26 Mar 2020
  • The rand was 0.4pc weaker at 17.4050 per dollar, snapping a two-session rally that had driven the unit to 17.1900, its firmest since Friday.
  • Bonds kicked-off firmer, with the yield on the benchmark paper due in 2026 down 10 basis points to 10.515pc.

JOHANNESBURG: South Africa's rand was weaker early on Thursday as the relief of the central bank's announcement of a quantitative easing program faded with some investors taking profits as the country prepared to enter a national lockdown at midnight.

At 0630 GMT the rand was 0.4pc weaker at 17.4050 per dollar, snapping a two-session rally that had driven the unit to 17.1900, its firmest since Friday.

The South African Reserve Bank (SARB) announced that it would purchase government bonds for an unlimited period, as well as providing extended short term lending for commercial banks in a bid to ease increasing liquidity pressure due to the coronavirus.

"Today, the markets are likely to trade cautiously, although the rand has some room for further improvement towards the 17.0000 handle in the short term," Nedbank economist Reezwana Sumad said in a note.

Bonds kicked-off firmer, with the yield on the benchmark paper due in 2026 down 10 basis points to 10.515pc.

South African President Cyril Ramaphosa said on Monday that the government would impose a nationwide 21-day lockdown from midnight on Thursday to contain the coronavirus outbreak.