JOHANNESBURG: South Africa’s rand slipped early on Wednesday and was set to take cues from the dollar in the absence of major economic data releases.
At 0710 GMT, the rand traded at 19.1675 against the dollar, 0.41% weaker than its previous close.
The dollar index was last trading up 0.16% against a basket of currencies.
The rand, like most emerging market currencies, takes direction from the dollar when there are no clear domestic indicators.
South African investors will turn their focus towards a slew of economic data releases on Thursday with money supply, producer price inflation, trade and budget balance figures due.
South African rand firms against weaker dollar
On the stock market, the Top-40 index was down 0.6% while the broader all-share was 0.5% weaker in early trade.
South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 2 basis points to 10.220%.
Comments
Comments are closed for this article.