JOHANNESBURG: South Africa’s rand firmed early on Thursday, slightly rebounding from a weak start to the year, while the US dollar was little changed.
At 0700 GMT, the rand traded at 18.6725 against the dollar, around 0.2% stronger than its previous close.
The dollar was last down 0.01% at 102.39 against a basket of currencies.
On Tuesday, the first trading day of 2024, the rand ended about 1.5% weaker against the dollar, as elevated US Treasury yields and a cautious turn in risk sentiment boosted the dollar.
“Turning more optimistic on the rand remains difficult,” ETM Analytics said in a note, adding that its lack of resilience can be put down to domestic factors such as a resumption of power cuts.
South African rand kicks off 2024 on a weaker note
The December S&P Global South Africa Purchasing Managers Index (PMI) is due to be published at 0715 GMT.
South Africa’s benchmark 2030 government bond was stronger in early deals, with the yield down 8 basis points to 9.835%.
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