South Africa's rand slides against dollar in thin trade

JOHANNESBURG: South Africa's rand slid against the dollar in early Thursday trade, as the currency struggled to make gains in holiday-thinned trade in the last week of 2021, despite increased appetite for riskier assets globally.

By 0624 GMT, the rand traded at 15.9700 against the dollar, 0.16% weaker than its previous close.

"Emerging market currencies and the rand continue to trade on the back foot despite a softer dollar," Andre Cilliers, Currency Strategist at TreasuryONE, said. "Thin markets and low liquidity could see the rand trade above R16.00 in the short term."

In fixed income, the yield on the benchmark 2030 government bond was up 1 basis point at 9.410%.