South African Rand has completely shrugged off today’s nationwide protests against undocumented foreign nationals, managing to holding onto its gains despite widespread tensions.

The local currency actually strengthened in early morning trade, climbing nearly 0.4% to trade at R16.34 to the United States Dollar. While the overall mood across the country remains tense as anti-migration groups enforce their self-declared June 30th deadline, market analysts note that the financial sector isn’t panicking. Trade on the Johannesburg Stock Exchange did open slightly lower, down 0.2%, but experts attribute this to broader global factors, such as a welcome drop in international oil prices, rather than the local unrest.

Market analyst Viv Govender says that while traders are keeping a very close eye on how the demonstrations unfold in major centres, the markets have seen no significant negative reaction so far.

–ChannelAfrica–