The rand appreciated within a relatively narrow range on Monday, holding onto the gains made this past month but unable to drop back to recent lows of under R14/$, according to NKC Research.

South Africa’s mass vaccination programme commenced on Monday, with 80 vaccination locations opened across the country.

However, reports suggest that South Africa has around 1.2 million health workers, and less than half received the vaccine during the first phase of vaccinations.

The government now plans to target health workers, citizens aged over 60, and those with significant risk factors. The slow rollout has prompted repeated criticism of the government’s ability to effectively implement its vaccination programme.

At the close of local trade, the rand quoted 0.35 percent stronger, at R14.10/$, after trading in range of R14.10/$ to R14.18/$. The rand extended gains overnight. Expected range today is R13.95/$ to R14.20/$.

The JSE All Share (+0.93 percent) ended higher yesterday, thanks to gains in large resource (+1.84 percent) and technology (+1.60 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.30 percent) traded stronger.

The Brent oil price started the week on the front foot as European economic re-openings boosted fuel demand prospects. At the close of local trade, benchmark Brent Crude futures quoted 1.30 percent higher, at $69.30pb. Crude prices were firmer during Asian trade this morning.