South Africa’s rand firmer on positive trade data

Shoaib Ur Rehman December 29, 2018

JOHANNESBURG: South Africa’s rand firmed against a weaker dollar in light year-end trade on Friday, helped by data that showed the country swung into a trade surplus in November.

* At 1500 GMT the rand traded at 14.3975, 0.5 percent stronger than its overnight close in New York.

* South Africa’s trade deficit swung to 3.49 billion rand ($242.9 million) surplus in November from a revised 4.28 billion rand deficit in October, official data showed on Friday.

* The dollar index, a gauge of the greenback against a basket of six major currencies, remained on the back foot, down 0.1 percent.

* Bonds were stronger, with the yield on the benchmark paper due in 2026 down 3.5 basis points to 8.865 percent.

* On the bourse, stocks climbed, tracking gains in other emerging markets as investor sentiment was boosted by Wall Street’s late rebound the previous session.

* The benchmark JSE Top-40 index climbed 1.81 percent to 46,483 and the broader All-share index added 1.71 percent to 52,434.

Copyright Reuters, 2018




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