JOHANNESBURG: South Africa's rand steadied against the US dollar in early trade on Monday, as markets wait for President Cyril Ramaphosa to announce a new cabinet in the week after his inauguration.
At 0630 GMT, the rand traded at 14.3975 per dollar, not far off its New York close of 14.4075 on Friday.
Ramaphosa was sworn in as South Africa's president on Saturday, vowing to create jobs and tackle deep-rooted corruption that has strangled economic growth.
Analysts have said Ramaphosa's pick of cabinet ministers will be the first test of his promised reform path.
The office of the presidency said on Sunday the cabinet announcement will be made "later in the week."
"Market activity is likely to be severely limited today due to the UK and US holidays. Locally, the markets continue to await the announcement of the Cabinet," Nedbank analysts wrote in a note.
In fixed income, the yield on the benchmark government bond due in 2026, was down 0.5 basis points to 8.355pc in early trade.
Comments
Comments are closed for this article.