Rand touches 8-week high

Trade report 04/07/2013
The rand steadied against the dollar on Thursday after touching an 8-week high overnight, with nagging concerns about fractious domestic labour relations likely to cap significant gains. Government bonds yields were higher ahead of producer inflation data expected show acceleration in the June year-on-year number. The USD-ZAR is expected to trade at 9.70-9.8500.

The South African National Roads Agency SOC Ltd (Sanral), which is facing resistance to a toll-fee plan on freeways around Johannesburg and Pretoria, said investors are reluctant to provide more funding as it runs out of cash after delays to the project. “Sanral has almost totally depleted its available cash,” Vusi Mona, general manager of communications for the Pretoria- based state-owned company, said yesterday.

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