JOHANNESBURG: South Africa's rand weakened near a three-week low against the dollar on Friday, looking to extend four days of daily losses as dealers offloaded the local unit ahead of a long weekend.
The rand has steadily trekked weaker since the start of the week as investors stay clear of riskier assets due to global uncertainty about Ukraine, while the lack of a solution to a three-month strike in South Africa's platinum belt has also kept the currency vulnerable.
Dealers said trade on Friday was subdued with some of their colleagues already on holiday. South Africa has had two weeks of 4-day trading sessions, and next week will only see three days of trade, with markets closed on Monday and Thursday.
The rand was down 0.3 percent to the dollar at 10.6520 by 1547 GMT, off a 10.6200 close in New York on Thursday.
It hit the day's low at 10.6620, just a whisker away from Thursday's three-week low.
Thomson Reuters data showed local trading volumes were at two-month lows on Friday.
"It's holiday markets here and there's little in the way of South African drivers. We're watching the other emerging but I expect we'll stay like this until after next week," a Johannesburg-based currency trader said.
Government benchmark bonds were slightly firmer, with the yield on the 2026 bond down 2 basis points at 8.495 percent , while the 2015 note dropped 2.5 basis points to 6.815 percent.
Comments
Comments are closed for this article.